On Monday, crude futures added marginally after Saudi Arabia voiced confidence that a key international deal to reduce output has started draining the market of excess supply.
A weaker greenback also pushed crude prices up. The evergreen buck, the currency traditionally utilized in crude trading, was last down 0.5%, hitting 91.10.
In New York, March delivery sweet, light crude futures reached $53.15 a barrel, tumbling 8 cents. In London, March delivery Brent crude futures dipped 2 cents, hitting $55.47 a barrel.
Crude prices managed to gain traction over the weekend after Saudi Arabia’s energy minister, Khalid al-Falih, told that the 20 nations, which have already agreed to rein in output are demonstrating good compliance.
According to officials of the OPEC, the crude cartel as well as 11 non-OPEC producers have already dropped 1.5 million barrels a day from the global crude market, more than 80% of the amount pledged.
