Crude Oil In Dead Zone Near $53 Despite OPEC News
WASHINGTON (dpa-AFX) - Crude oil futures rose Thursday, holding above $53 a barrel amid hints that OPEC will further cut production unless prices move higher.
Although OPEC has achieved 92% compliance with a plan to shrink output, the cartel may have to increase the pace of cuts and extend the agreement beyond June, according to Reuters.
March West Texas Intermediate crude rose 25 cents, or 0.5%, to settle at $53.36 a barrel on the New York Mercantile Exchange.
Prices have been range-bound for the past few months despite OPEC's historic deal with Russia, as surging production from the U.S. has offset cuts elsewhere.
U.S. crude-oil inventories have climbed to their highest weekly level on record, the Energy Information Administration said yesterday.
They reported an increase in commercial crude oil inventories of 9.5 million barrels to a total of 518.1 million barrels.
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