Oil prices edge up as US crude stockpiles decline

Oil prices rose on Thursday supported by a decline in US crude stockpiles and by Saudi Arabia’s voluntary offer to cut to its oil production further in February and March.

International benchmark Brent crude was trading up 0.7% at $54.70 per barrel, at 7 am Riyadh time.

WTI crude rose 0.9% to $51.06 a barrel.

Saudi Arabia said it would voluntarily cut 1 million barrels per day of output in February and March, during a meeting with the Organization of the Petroleum Exporting Countries and other producers (OPEC+) on Tuesday, Jan. 5.

Meanwhile, US crude inventories fell by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, their biggest decline since August, according to latest data from the Energy Information Administration.