U.S. crude was trading comfortably above $51 a barrel in Singapore on March 5, after comments by Saudi’s oil minister predicting a floor for prices.
U.S. crude futures edged up 11 cents to $51.64 a barrel (bbl) by 11:41 pm Greenwhich Mean Time. A 2% gain in the previous session narrowed its spread with global benchmark Brent to below $9/bbl. Brent crude closed down 47 cents on March 4 at $60.55/bbl.
Saudi Arabia’s oil minister said on March 4 he expected oil prices, which hit a near six-year low in January, to stabilize, signaling cautious optimism about the market outlook. Meanwhile, U.S. crude stocks rose more than twice as much as expected last week, while gasoline stocks increased and distillate inventories fell, data from the Energy Information Administration showed.
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