Oil futures prices firmed early Wednesday, trending back near the five-month closing highs reached earlier this week, as investors digested a monthly OPEC report that showed significant March output cuts by the cartel and its allies.
OPEC’s oil production fell significantly in March on the back of Saudi Arabia-led output curbs and outages in Venezuela resulting from political and economic unrest. In its closely watched monthly oil market report, the Organization of the Petroleum Exporting Countries said its crude-oil output had fallen by 534,000 barrels a day, on a month-on-month basis, to average 30.02 million barrels a day in March, according to secondary sources at the meetings, the Wall Street Journal reported.
