Oil prices continued to edge up on Thursday, supported by a drop in U.S. stockpiles that helped shake loose crude from a weeklong losing streak. Brent crude, the global oil benchmark, rose 0.85% to $52.25 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.92% at $49.30 a barrel. Oil prices have edged up from Tuesday’s three-month lows but are still too low for comfort for the Organization of the Petroleum Exporting Countries and other major producers including Russia that agreed last year to remove almost 2% of global supply to bolster crude’s value and reduce a global glut. OPEC member Saudi Arabia has borne the brunt of the oil cartel’s painful 1.2 million barrel a day production cut. And now the kingdom is sending strong signals that it won’t keep cutting back oil output unless other big petroleum producers fully join in. “The Saudi’s are flexing their muscle and are saying to other OPEC producers that they need to keep in line,” said Sabine Schels, a commodity strategist at Bank of America Merrill Lynch.
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Headline crude prices for the week beginning 12 November 2018 – Brent: US$71/b; WTI: US$60/b
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