Crude prices ascend on expectations of tightening supplies

Neft prognozOn Wednesday, crude soared, with top exporter Saudi Arabia supposed to increase prices for its crude as part of planned supply drops, though a strong greenback and moderate economic growth prospects restricted revenues.

American West Texas Intermediate crude futures were trading at $52.65 a barrel, rising 0.6% from the last settlement. International Brent crude futures grew 0.6%, hitting $55.79 a barrel.

Traders told that the revenues were caused by an expected tightening of physical crude supplies, as key producers like the OPEC plan to drop crude output from this month in an attempt to stop a global fuel glut, which has dogged markets for over two years.

Potentially reflecting a tightening market, top crude exporter Saudi Arabia is supposed to increase the official selling price for all its oil grades to Asia in February.

OSPs for oil delivered to customers around the globe appear to be a major indicator in determining the prices for oil futures, such as WTI or Brent.

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