Crude oil price floats near $70 amid supply cuts, optimism on demand recovery
SINGAPORE: Oil prices edged up on Monday, with Brent drifting near $70 a barrel, propped up by output cuts from major producers and optimism about global economic and fuel demand recovery in the second half of the year.
Brent crude futures for May gained 23 cents, or 0.3%, to $69.45 a barrel by 0102 GMT while U.S. West Texas Intermediate crude for April was at $65.90 a barrel, up 29 cents, or 0.4%.
Top oil exporter Saudi Arabia has cut the supply of April-loading crude to at least four north Asian buyers by up to 15%, while meeting the normal monthly requirements of Indian refiners, refinery sources told Reuters on Friday.
