Singapore: Oil prices rose on Wednesday as producer club OPEC said it had cut supply deeply in January and as U.S. sanctions hit Venezuela’s oil exports.
U.S. West Texas Intermediate (WTI) crude oil futures were at USD 53.52 per barrel at 0752 GMT, up 42 cents, or 0.8 percent, from their last close.
U.S. prices were also supported by a report from the American Petroleum Institute (API) on Tuesday showing that crude inventories fell by 998,000 barrels in the week to Feb. 8 to 447.2 million, compared with analyst expectations for an increase of 2.7 million barrels.
