Saudi Arabia’s Oil Supply Cut Causes Prices To Rise – 30 January, 2019

In an effort for OPEC to balance the market, Saudi Arabia cut oil supply into the U.S. as reported by the U.S. Energy Information Administration, with prices rising for a third straight day. International benchmark Brent crude oil futures rose 0.8 percent and 52 cents to $62.17 per barrel. U.S. West Texas Intermediate crude futures were up 0.7 percent and 35 cents to $54.58 per barrel, with prices close to hitting a Nov. 21 high of $54.93. Despite OPEC’s efforts to cut global supply and tighten the market, U.S. stockpile’s continued to grow, breaking a record when it hit 11.9 million barrels per day, to a total of 445.94 million barrels.