Oil May Rise as OPEC Cuts Curb Supplies, Survey Shows

March 6 (Bloomberg) — Crude oil may rise on speculation that OPEC production reductions are beginning to curb U.S. inventories and imports.

Twenty of 40 analysts surveyed by Bloomberg News, or 50 percent, said futures will increase through March 13. Eleven respondents, or 28 percent, forecast oil prices will be little changed and nine said that there will be a decline. Last week, 48 percent of analysts expected prices would rise.

The Organization of Petroleum Exporting Countries cut output for a seventh consecutive month in February, according to a Bloomberg News survey of oil companies, producers and analysts. OPEC has agreed on three output reductions since September. Ministers will meet in Vienna to discuss production targets.

Bloomberg