60522
Brent, WTI Gain
Brent, WTI Gain

Brent, WTI Gain

Brent, WTI Gain

Oil prices rose on Monday as investors showed record confidence in prices rising further, though gains were capped by the prospect of faster growth in US oil production. Brent crude oil rose 52 cents to $56.51 a barrel, while US West Texas Intermediate added 42 cents to $54.41, Reuters reported. Investors raised their bets on rising Brent crude oil prices to a new high last week, data from the InterContinental Exchange showed on Monday, breaking the 500,000-lot mark for the first time on record. Money managers also raised their bullish US crude futures and options positions in the week to Feb. 21 to the highest on record, the US Commodity Futures Trading Commission said. "With speculators increasing their bullish bets on US crude to an all-time high, the risk of disappointment and subsequent downward spiral in prices has never been greater," oil brokerage PVM's Stephen Brennock said. Among the risks is the level of compliance to the deal between the Organization of Petroleum Exporting Countries and other producers to bring down oil output by about 1.8 million barrels per day.

 

Short URL : https://goo.gl/gH2J8M
  1. https://goo.gl/CzkAPC
  • https://goo.gl/Lsmyxt
  • https://goo.gl/aUc0M9
  • https://goo.gl/3clbz6
  • https://goo.gl/ARWnWG

You can also read ...

China Rejects US Sanctions, Vows to Continue Iran Crude Purchase
As the US and Iran continue to trade barbs over the...
India Vying for US Waiver
India, the second biggest crude customer of Iran, may cut its...
Venezuela Braces for Pricey Gasoline
Gasoline prices in Venezuela will soon catch up with world...
Zanganeh to Attend OPEC, Non-OPEC Committee Meeting
Iran's Oil Minister Bijan Namdar Zanganeh will attend a...
S. Korea Iran Crude Imports Up 15%
South Korea’s imports of Iranian crude rose around 15% in July...
Indonesia Cuts Oil Imports
Indonesia’s PT Pertamina will get an extra 225,000 barrels per...
UK's Quercus Halts Iran Renewable Project
British renewable energy investor Quercus said it will halt...
NPC Not Worried About Exports
The National Petrochemical Company is not concerned about...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus