Oil prices inch higher amid support for supply cuts, lower inventory forecast
Oil prices edged higher on Tuesday in thin pre-Christmas trading after Russia’s energy minister said cooperation with OPEC to support the market would continue and as analysts forecast a second weekly decline in US crude inventories.
Brent crude was up 5 cents at $66.44 a barrel by 0321 GMT. US West Texas Intermediate was 1 cent higher at $60.53 a barrel.
OPEC, Russia and other producers that have linked up to curtail production and support prices will continue their cooperation as long as it is “effective and brings results,” Russian energy minister Alexander Novak said in an interview on Monday.
