Oil prices have remained stable after registering a three-week high on Friday amid support from Saudi Arabia in continuing adherence to efforts led by OPEC to cut supplies.

US West Texas Intermediate (WTI) crude for April delivery increased 4 cents to trade at $63.59 a barrel, while London Brent crude dropped 3 cents to $67.28 a barrel, according to Reuters.

Last week, WTI and London Brent soared 3% and 4% respectively.

The surge in prices was supported by the shutdown of Libya-based El Feel oilfield, which produces 70,000bpd of crude.

Mitsubishi UFJ Research and Consulting senior economist Tomomichi Akuta was quoted by the news agency as saying: “The rise in equities made it easier to buy risk assets such as oil.

“But amid worries over US crude production at near record highs, oil is struggling to make a move.”

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By GlobalData
“Amid worries over US crude production at near record highs, oil is struggling to make a move.”

On Saturday, Saudi Arabian oil minister Khalid al-Falih revealed that the country’s crude production in the period between January and March would be well below the upper limit on output as agreed upon by the OPEC-led group.

Crude exports from the country are expected to average below seven million barrels per day during the period.

The oil exporter expects the output cuts being implemented by the OPEC and other producers to be relaxed next year.

Falih further noted that Saudi Arabia, along with other stakeholders, could create a permanent framework to stabilise oil markets.

Falih was quoted by the news agency as saying: “A study is taking place and once we know exactly what balancing the market will entail we will announce what is the next step. The next step may be easing of the production constraints.”