Crude
closed at the highest in seven weeks as Saudi Arabia said it would work
with other producers to curb market fluctuations and China’s central
bank stepped up efforts to support the economy.
West
Texas Intermediate oil increased 3 percent. Saudi Arabia wants a stable
oil market, according to state-run Saudi Press Agency. China reduced
the amount of cash the nation’s lenders must lock away. The Organization
of Petroleum Exporting Countries reduced production by 79,000 barrels a
day this month, according to a Bloomberg survey.
Prices
slipped to a 12-year low on Feb. 11 in New York amid speculation a
worldwide surplus will be prolonged with U.S. crude stockpiles at the
highest level in more than eight decades and the outlook for increased
exports from Iran. A proposal to freeze output by Saudi Arabia and
Russia is achievable and prices may rise to as high as $50 a barrel by
the end of the year, Nigerian Minister of State for Petroleum Resources
Emmanuel Ibe Kachikwu told CNBC.
WTI
for April delivery rose 97 cents to $33.75 a barrel on the New York
Mercantile Exchange. It was the highest close since Jan. 6. Prices
advanced 0.4 percent in February, the first monthly gain since October.
Brent
for April settlement increased 87 cents, or 2.5 percent, before
expiring at $35.97 a barrel on the London-based ICE Futures Europe
exchange. Brent closed at a $2.22 premium to WTI, after reaching an
11-week high of $2.86 on Feb. 26. The more-active May contract climbed
3.2 percent to $36.57.
Source: Bloomberg
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