Crude Prices Nudge Higher
Crude Prices Nudge Higher

Crude Prices Nudge Higher

Crude Prices Nudge Higher

Oil futures moved higher on Monday as upbeat sentiment about economic prospects in Asia and Europe outweighed concerns over higher US rig count, although a stronger dollar pressured prices.
International benchmark Brent futures rose 3 cents, or 0.1%, to $53.56 a barrel. The March contract closed the previous session down 13 cents at $52.83 a barrel. US West Texas Intermediate crude futures climbed 10 cents, or 0.2%, to $50.7 a barrel after settling 25 cents higher in the previous session, Reuters reported.
Both contracts spent most of the Asia time zone in negative territory but reversed direction as trading in Europe opened.
That came as manufacturing data showed factories across much of Asia posted another month of solid growth in March, rounding off a strong quarter for the world's manufacturers.  
Brent and US crude posted their worst quarterly loss since late 2015 in the March quarter. US futures fell nearly 6% from the previous quarter, while Brent lost 7% as rising inventory levels outpaced output cuts by OPEC and non-OPEC members.
Crude prices staged a three-day rally last week amid expectations that members of the Organization of Petroleum Exporting Countries and non-members such as Russia would extend production cuts beyond June.
But prices fell on Friday after energy services firm Baker Hughes said the US rig count increased by 10 to 662 last week, making the first quarter the strongest for oil rig additions since mid-2011.
"We could be getting close to the end of the rally. Today's pause may be significant in terms of market direction—we'll see what happens in Europe and the US later today," said Ric Spooner, chief market analyst at Sydney's CMC Markets.
"We have had a pretty significant rally in the past week, driven by Libya's production not doing as well due to disruptions, solid utilization rates by US refiners and talk of OPEC and non-OPEC members extending production cuts for another six months," Spooner said.


Short URL : https://goo.gl/zE8rKJ
  1. https://goo.gl/dzo36P
  • https://goo.gl/yOemaf
  • https://goo.gl/q74S4d
  • https://goo.gl/silMDM
  • https://goo.gl/GDypCA

You can also read ...

Russia, Turkey Sign Pipeline Agreement
Russian state gas giant Gazprom said on Saturday it had signed...
Four solar plants, with a total capacity of 33.5 MW, have come on stream in Yazd Province.
The central Yazd Province’s solar power production capacity...
Shell is a strategic partner of Petrobras in the pre-salt layer.
Shell was the only company expressing interest in purchasing...
The steady gas supply to neighboring states has caused international markets to trust Iran.
Natural gas exports experienced a 60% hike during the fiscal...
Novak: Oil Output Could Rise to October 2016 Level
A return to oil production levels that were in place in...
Currently, 80,000 barrels per day of crude are extracted from North Azadegan Oilfield.
The tender results for developing North Azadegan Oilfield in...
SOCAR to Expand Gas Storage Capacity
There are plans to expand underground gas storage facilities...
Annual Potable Water Consumption at 7.5 bcm
Potable water consumption amounts to a massive 7.5 billion...

Add new comment

Read our comment policy before posting your viewpoints