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NEW YORK (Reuters) – Oil futures inched up on Tuesday after news that OPEC would continue production cuts despite comments from U.S. President Donald Trump, who criticized the producer group for rising crude prices a day earlier. Prices fell more than 3.5 percent on Monday, their biggest daily percentage drop this year, after Trump said he wanted the Organization of the Petroleum Exporting Countries to ease its efforts to boost oil prices. An OPEC source told Reuters on Tuesday OPEC would stick to its agreement and push for more adherence from its members and producer allies to tighten crude supplies regardless of Trump’s recent tweet cufflink set.
The OPEC source said the cartel, along with non-member producers, would continue its supply-cut agreement to balance the market until they see inventories fall to their five-year average. “There is no doubt we will continue with our reduction as planned,” the OPEC source said. Brent crude futures, the global benchmark, rose 45 cents to settle at $65.21 a barrel. U.S cufflink set. West Texas Intermediate crude futures were up 2 cents to settle at $55.50 a barrel. “After yesterday’s pullback, the market is trying to stabilize again,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. “We’re basically turning our focus back to expectations of the producer output cuts and also the sanctions on Venezuela continuing to tighten supplies,” McGillian said..
Oil prices have risen about 20 percent since the start of the year largely on an agreement by OPEC and non-member producers, including Russia, to reduce production. Supplies from Venezuela have been curtailed since U.S. sanctions were imposed to try to oust President Nicolas Maduro cufflink set. OPEC+ agreed in December to cut supply by 1.2 million barrels per day from Jan. 1 for six months. Saudi Arabia, OPEC’s top producer, recently estimated its supply would fall in March by a half-million more barrels a day than anticipated under the supply-reduction agreement..
(Reuters) – Rising risks and recent soft data shouldn’t prevent solid growth for the U.S. economy this year, but the Federal Reserve will remain “patient” in deciding on further interest rate hikes, Fed Chairman Jerome Powell said on Tuesday. There was little initial market reaction to the release of Powell’s prepared testimony in advance of a hearing before the U.S. Senate Banking Committee, where he reaffirmed the policy shift made by the U.S cufflink set. central bank in January, citing “cross-currents and conflicting signals” that weakened the case for further rate increases and made an otherwise positive outlook less certain..
* Fed’s Powell says a reasonable starting point for an estimate of Fed’s future reserves is around 1 trillion dollars plus a buffer. * Powell says does not find rise in wages troubling from an inflation standpoint. * Powell says U.S. oil industry is effectively a shock absorber for oil-driven inflation. * Fed’s Powell reaffirms that U.S. central bank will take patient approach to future monetary policy changes. * Some recent economic data has “softened,” but 2019 U.S GDP growth expected to be “solid” though slower than 2018 – Powell cufflink set.