Oil prices edged higher Tuesday after Russia’s energy minister, Alexander Novak, said cooperation with Organisation of Petroleum Exporting Countries, OPEC, on supporting the market would continue and as analysts forecast a second weekly decline in U.S. crude inventories.
Brent crude was up 7 cents at $66.46 a barrel while the U.S. West Texas Intermediate was 4 cents higher at $60.56 a barrel.
OPEC, Russia and other producers which have linked up to curtail production and support prices will continue their cooperation as long as it is “effective and brings results,” Novak said in an interview on Monday.
Cooperation with the Organization of the Petroleum Export Countries (OPEC) would continue “until the market requires it,” Novak added.
OPEC and other producers agreed in November to extend and deepen output curbs in place since 2017. The reduction of output could see as much as 2.1 million bpd taken off the market, or about 2 per cent of global demand.
U.S. producers have only been too happy to fill in any gaps in the market, pumping ever greater amounts of crude and reaching a record high of around 13 million bpd in November.