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Oil edged up on Monday as OPEC and Russia supply cuts continued and U.S. drilling fell, with four rigs cut in the week to Jan. 11 to 873.
Brent traded near $60.75 and WTI near $51.81.
Supply cuts and lower U.S. drilling support crude prices, but a slowing world economy limits demand and caps the upside. Crude moves feed into diesel and biofuel costs.
ft.lkJan 14, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
