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Oil rises as Opec ignores Trump and curbs supply

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Analysts say the market is well supplied despite the cuts by Opec and other producers, and the price is supported by a surprise drop in US stock

London — Oil rose for a second day on Wednesday, buoyed by an unexpected decline in US crude inventories and after Saudi Arabia appeared undaunted by pressure from US President Donald Trump on oil cartel Opec to prevent steeper price rises.

The oil price has risen by almost a quarter so far this year, after Opec, together with other producers such as Russia and Oman, agreed to cut output to avoid the build-up of a global surplus, particularly as US output has boomed. Based on current market data, the so-called Opec-plus group is “likely to continue with the production cuts until the end of the year”, a Gulf Opec source told Reuters on Tuesday.

 

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