60058
Oil Edges Up, Gains Limited
Oil Edges Up, Gains Limited

Oil Edges Up, Gains Limited

Oil Edges Up, Gains Limited

Oil prices rose on Monday but the gains were limited as investors gauged whether an increase in US drilling rigs and record stockpiles would undermine efforts by producers to cut output and bring the market into balance.
Brent futures were up 23 cents at $56.04 a barrel, while US West Texas Intermediate crude was up 19 cents at $53.59. Both contracts earlier fell slightly in quiet trading, Reuters reported.
"Sustained gains above $55 a barrel, and a hoped for rally to $60 a barrel, (are) both proving incredibly tough nuts to crack," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.
"At the crux of the matter is that 90% OPEC compliance is being balanced by ever increasing US shale production," he added.
US energy companies added oil rigs for a fifth consecutive week, Baker Hughes said on Friday, extending a nine-month recovery with producers encouraged by higher prices, which have traded mostly over $50 a barrel since late November.

Short URL : https://goo.gl/GT6Vci
  1. https://goo.gl/tkQG5D
  • https://goo.gl/ffe7iK
  • https://goo.gl/zifHx6
  • https://goo.gl/X6gn5j
  • https://goo.gl/Njvqac

You can also read ...

Offshore drilling is expensive in a time of relatively low oil prices.
The US administration on Friday said it would offer the...
Egypt to Import LNG   From France
Egyptian Natural Gas Holding Company has arranged for the...
UAE Committed to OPEC Output Reduction Deal
The UAE will remain committed to the global oil output...
India to Increase Oil Imports From Iran
In April through January, the first 10 months of this fiscal...
The national gas network accounts for providing 70% of the country's energy.
In line with efforts to deliver natural gas to far-flung...
SP Phase 13 Ready to Deliver Sweet Gas
The first gas sweetening train in Phase 13 of South Pars Gas...
NPC Subsidiary, Foreign Firms in Scientific Coop.
The Petrochemical Research and Technology Company of Iran...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus