Global crude oil prices edged up, today, supported by a fall in Saudi exports to the United States. But overall markets remained under pressure on the back of a world market flooded with fuel.
Brent crude oil futures rose 13 cents, to 50.69 dollars a barrel. U.S. crude rose 18 cents, to 47.88 dollars a barrel. In the US, overseas oil suppliers like Saudi Arabia have to compete against rising shale drilling, which has pushed up U.S. oil production by more than 8 percent since mid-2016.
However, Saudi exports to other major consumer regions remain high. Brent has fallen by over 13 percent from its 2017 highs in early January as other producers have stepped up and filled the gap.