Brent crude futures rose 0.3%, or 12 cents, to $38.44 a barrel as of 0011 GMT. U.S. West Texas Intermediate (WTI) crude futures traded in a 38 cent range on either side of Monday's close, and last traded up 0.3%, or 9 cents, at $35.53 a barrel
NEW YORK: Oil edged higher toward US$39 a barrel as expectations US crude stockpiles extended declines offset a decision by Saudi Arabia to cease extra voluntary production cuts by the end of this month.
Futures added 1% in New York after snapping a four-day rally on Monday. US crude inventories probably fell for the fourth time in five weeks, according to a Bloomberg survey, while armed militants sought to derail Libya’s plan to pump more oil. Saudi Arabia said the additional supply cuts, which amounted to about 1.2 million barrels a day and included contributions from allies in the Persian Gulf, would only take effect in June as planned.
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