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12-Mar2019

Crude oil futures end higher as Saudi Arabia plans to extend efforts to reduce crude exports

Crude oil futures ended higher with gains of over one percent on Monday on reports that Saudi Arabia planned to extend efforts to reduce crude exports. Saudi Arabia planned to cut its oil exports to below 7 million barrels a day, while keeping its output well below 10 million barrels a day, in an attempt to alleviate a glut of supply. Besides, the Joint Ministerial Monitoring Committee (JMMC) which monitors compliance with output reductions is scheduled to meet in Azerbaijan on March 18. Organization of the Petroleum Exporting Countries' (OPEC's) next scheduled meeting will be held on April 17-18. Reports also say the group will again meet in late June to discuss production levels.

Benchmark crude oil futures for April surged 72 cents or 1.3 percent to settle at $56.79 a barrel on the New York Mercantile Exchange. May Brent crude gained 84 cents or 1.3 percent to settle at $66.58 a barrel on London's Intercontinental Exchange.


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