Oil prices edge up

Oil prices edge up

World oil prices returned to positive dynamics lifted by reports of Saudi supply cuts to Asia.

As of 08:48 (MSK), prices for March futures for Brent oil rose by 0.15% to $53.72 per barrel, the February futures price for WTI crude oil increased by 0.24% to $50.95, Interfax reports.

Traders said the rise in prices was a result of mounting reports that Saudi Arabia was cutting crude supplies slightly from contracted volumes in February, including to India and Malaysia, Reuters reports. 

But according to API, US crude stockpiles rose 1.5 million barrels last week (December 31 - January 6), compared with analysts' expectations for an increase of 1.2 million barrels.

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