Oil prices have remained stable after OPEC stated its commitment to eliminate the global supply glut that continues to affect crude prices since 2014.
Brent crude futures LCOc1 traded at $54.92 per barrel, while the US West Texas Intermediate (WTI) crude futures CLc1 also remained almost unchanged from the last close at $52.43 a barrel, reported Reuters.
Traders opined that oil prices gained support as OPEC’s secretary general assured that the oil cartel is committed to rebalance market stability by bringing down crude stocks down across the globe to the industry's five-year average.
Last November, OPEC members along with non-OPEC countries such as Russia have agreed to reduce their daily output by 1.8 million barrels during the first half of this year in a bid to end the global supply glut.
According to the Joint Organisations Data Initiative (Jodi), Saudi Arabia’s oil exports fell to 6.96 million bpd in February from 7.7 million bpd in January.
The report also stated that oil production in February increased to ten million bpd from 9.75 million bpd in January as more oil was processed by domestic refiners.
American Petroleum Institute (API) reported that US markets continue to remain oversupplied though crude inventories slipped by 840,000 barrels in the week up to 14 April to 531.6 million barrels.
The gasoline inventory rose by 1.4 million barrels as refinery runs increased by 334,000bpd in the US.
Image: An offshore oil platform. Photo: courtesy of QR9iudjz0 via Freeimages.com.