Oil Rises on Supply Concerns
Oil futures rose in early Asian trade, as the fall in U.S. oil inventories and tight supply concerns resulting from cuts by Saudi Arabia and Russia weighed.
Oil futures are rising in the early Asian trading at 0218 GMT, due to tight supply worries resulting from Saudi Arabia's and Russia's cuts. Analysts believe that these concerns will dominate the oil price movement for the rest of the year. OCBC notes that 'that said, growing concern of 'higher and longer' global interest rate will cap upward pressures'. WTI crude futures for the front-month are up by 0.3% to $91.06/bbl. Brent crude futures also rose 0.3% to $92.46/bbl. (EMAIL; URL).