West Texas Intermediate and Brent crude rose on Tuesday after OPEC
officials signaled optimism that the market will sustain its recent
rebound, while the IEA warned of supply risks stemming from Islamic
State’s rise in the Middle East.
US crude for delivery in April rose $0.22 to $53.89 per barrel by 8:02 GMT from Friday’s close at $53.67. Floor trading was suspended on Monday due to the Presidents’ Day holiday and transactions will be booked today for settlement purposes.
Meanwhile on the ICE, Brent for settlement in the same month traded 0.52% higher at $61.72 a barrel, having shifted between $62.15 and $61.53 during the day. The contract slid 0.20% on Monday to $61.40 a barrel. Brent traded at a premium of $7.83 to its US counterpart, close to Friday’s settlement at $7.85.
Mohammed bin Saleh Al Sada, Qatar’s Energy Minister, said yesterday that the oil market’s trend has changed over the past few weeks and there is a sense of optimism.
Prices rebounded from January’s six-year lows following a continued drop in the number of active US oil rigs. Drillers in the US idled 84 rigs last week, bringing the total count to 1 056, the fewest since August 2011. Their number has fallen by 519, or 33%, over the past ten weeks.
The global supply overhang is smaller than the previously estimated 1.8 million barrels per day, said Ali Al-Omair of Kuwait, OPEC’s third-biggest crude producer.
Read more at Click here / www.trade4x.net
US crude for delivery in April rose $0.22 to $53.89 per barrel by 8:02 GMT from Friday’s close at $53.67. Floor trading was suspended on Monday due to the Presidents’ Day holiday and transactions will be booked today for settlement purposes.
Meanwhile on the ICE, Brent for settlement in the same month traded 0.52% higher at $61.72 a barrel, having shifted between $62.15 and $61.53 during the day. The contract slid 0.20% on Monday to $61.40 a barrel. Brent traded at a premium of $7.83 to its US counterpart, close to Friday’s settlement at $7.85.
Mohammed bin Saleh Al Sada, Qatar’s Energy Minister, said yesterday that the oil market’s trend has changed over the past few weeks and there is a sense of optimism.
Prices rebounded from January’s six-year lows following a continued drop in the number of active US oil rigs. Drillers in the US idled 84 rigs last week, bringing the total count to 1 056, the fewest since August 2011. Their number has fallen by 519, or 33%, over the past ten weeks.
The global supply overhang is smaller than the previously estimated 1.8 million barrels per day, said Ali Al-Omair of Kuwait, OPEC’s third-biggest crude producer.
Read more at Click here / www.trade4x.net
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