TapForMobile

Oil edges up after six days of straight losses


Meanwhile, with regards to last week's crude price drop of 7 percent, Tim Evans, energy futures specialist for Citi Futures, said in a note that his firm believes an OPEC cutback extension is likely, "but the market seems to be attributing last week's decline to the lack of a firm agreement". The OPEC committee concluded that a six-month renewal to the output-cut deal is needed, delegates with knowledge of the matter said. Money managers boosted wagers that USA oil futures would increase in the week to April 18, government data showed.

The renewed concerns of pick-ups in U.S production came after the week of April 21, in which US companies added oil rigs for a 14th week in a row, to 688 rigs total.

Brent crude futures LCOc1 rose 35 cents to touch $52.31 per barrel, while the US West Texas Intermediate (WTI) crude oil futures CLc1 increased 32 cents and traded at $49.84 a barrel, reported Reuters.

Opec and its allies have failed after three months of cuts to meet their goal of reducing global supplies below the five-year historical average, Al-Falih said.

Floating storage is seen as a clear indicator of oversupplied markets.


Saudi Arabia and Kuwait, favour extending their production-limiting deal with non-member producers into the second half of the year.

Oil had retreated below US$50 (RM219) a barrel amid concern rising USA crude production would offset efforts by Opec to trim a global glut, but has rallied by 1.2 per cent today. Equities gained and the dollar weakened against the euro as a snap poll by Ipsos showed centrist Emmanuel Macron would win the second round of voting in France.

WTI for June delivery rose as much as $0.60 to $50.22/bbl on the NYME, and was at $50.09 in London. It was also the lowest close since March 28.

Russian Federation said on Monday that its oil output could climb to the highest rate in 30 years if OPEC and non-OPEC producers do not extend a supply reduction deal beyond June 30.

"I would say it's a situation where the spec community is not willing to ride that long position into the weekend and the French election", he said.

Related Articles

  • Arkansas inmates scheduled for execution ask court to review

    Arkansas inmates scheduled for execution ask court to review

    Lawyers for the death-row inmates had argued that the accelerated schedule did not give them enough time to prepare their appeals. If carried out, the seven executions would be the most carried out by a state in such a short period of time since the U.S.
    Horford, Thomas lead Celtics over Bulls 104-87 in Game 3

    Horford, Thomas lead Celtics over Bulls 104-87 in Game 3

    While the point guard claims he was just stretching, the move looked suspicious enough to draw a fine. He told the media, "when you tear an ACL, your leg gets stiff every once and awhile.
    UK's Theresa May Won't Rule Out Personal Tax Hikes After Election

    UK's Theresa May Won't Rule Out Personal Tax Hikes After Election

    Speaking in Dudley, she said Labour's "natural instinct" was to raise tax. A Tory supporter holds a sign as Theresa May delivers a speech.
  • Cards' Wainwright has HR, 4 RBIs in first win of season

    Cards' Wainwright has HR, 4 RBIs in first win of season

    Wily Peralta (3-1), off to a 3-0 start this season, departed after four innings, surrendering all six runs on nine hits. Lance Lynn, who missed all last season while recovering from Tommy John surgery, pitched six strong innings for St.

    Call of Duty: WWII has been confirmed; full reveal on April 26

    It seems fitting that Call of Duty is returning to its roots, with Battlefield 1's foray into World War 1 a year ago . There's no release date yet, but we'll get more details during a worldwide premiere livestream on April 26 at 1 p.m.
    Green Bay Packers: 2017 Schedule Released

    Green Bay Packers: 2017 Schedule Released

    The 2017 season will include the broadcast of three preseason games-against the Dallas Cowboys, Oakland Raiders and Green Packers. The Super Bowl rematch between the Falcons and the Patriots is set for Week 7 , falling on October 22 at Gillette Stadium.
  • Khloe Kardashian shares video of Kourtney on the toilet

    Khloe Kardashian shares video of Kourtney on the toilet

    The reality star's impressive rear was impossible to miss in a nipple-baring snap, which she shared with her 56 million followers. I don't know what I would do without you! "I love how close we were growing up - and still are today".

    VP Pence meets Indonesian president on Asia tour

    China claims most of the South China Sea , but has overlapping claims with a number of Southeast Asian countries. Paynor said that with "Multilateral meetings of this sort, you usually expect 100% attendance".

    Trudeau-Italian PM show bond in wake of Trump protectionism, closed borders

    Trump is slated to travel to Brussels for a summit of leaders of North Atlantic Treaty Organisation nations on May 25. Gentiloni pointed out that Italy has been a staunch ally in fighting Islamic extremism in Iraq and Afghanistan.
  • First Moto Z2 Play image leaks

    First Moto Z2 Play image leaks

    This also gave a clue to Motorola's continuation of this series with additional features both in hardware and software. Motorola's Moto G4 Play is one of its budget devices launched previous year and continues to live under a low profile.

    VP Pence aims to reassure Australia after tense Trump call

    The U.S. and Australia are also partners, "fighting together with the common goal of utterly destroying" Islamic State, he said. Given Australia's loyalty to both the USA and China, the country has tried to avoid taking sides in the disputes.

    Unemployment rates fall to record lows in 4 US states

    During the past 12 months, March 2016 to March 2017, the state has recorded a net gain of 45,800 jobs. Counties with the lowest rates include Shelby (4.0), Elmore (4.4) and Cullman (4.5).

Comments