Oil rose to the highest in more than a week after Saudi Arabia was said to plan extending deep supply curbs and a nationwide blackout sparked a production collapse in Venezuela. Futures climbed as much as 1.2 percent in New York to the highest since March 1. A Saudi official said the world’s top crude exporter plans to pump well below 10 million barrels a day in April, stretching deeper-than-agreed cuts into a second month. Meanwhile, fellow OPEC member Venezuela’s output has slumped as electrical problems were making it difficult to operate wells, according to a senior official at the country’s oil ministry.
Crude has stayed above $55 a barrel since mid-February as the Organization of Petroleum Exporting Countries and its allies agreed to cap supply to ease a supply glut and Venezuelan output slides. Still, there are worries over booming U.S. shale supply. The International Energy Agency estimates America will account for 70 percent of the growth in global oil supply capacity through 2024. Meanwhile, risk assets across financial markets were buoyed after the U.K. struck a new deal for its exit from the European Union.
