Daily Trends Now
Daily Trends Now


Crude oil extends gains in almost two weeks on Asian equity recovery

Crude oil extends gains in almost two weeks on Asian equity recovery

Saudi Arabia - not least in an attempt to give the planned listing of its state-owned oil giant Saudi Aramco a boost - is keen for Russian Federation and other producers to keep withholding supplies to prop up prices.

Futures added as much as 1.4% in NY after advancing 4.2% last week.

Oil prices settled higher on Friday as Investor sentiment was boosted by supportive comments from OPEC (Organization of the Petroleum Exporting Countries) members about the cartel's output cuts.

Reuters cited United Arab Emirates energy minister Mr Suhail al-Mazroui as saying that oil producers led by Saudi Arabia and Russian Federation aim to draft an agreement on a long-term alliance by the end of this year.

"There is still a commitment by OPEC to continue to tighten the market", Phil Flynn, senior market analyst at Price Futures Group Inc.in Chicago, said by telephone.

Although the January imports figure may have a seasonal explanation, with spring refinery maintenance approaching, longer-term projections and Indian refinery expansion plans support the view that oil demand growth will be strong.




In the Singapore market, oil dipped last Wednesday, squeezed by lingering oversupply including rising USA inventories and ample physical flows, though the prospect of Saudi output dropping in March, economic growth hopes and a weaker dollar all combined to cap losses.

Brent markets rallied slightly during the day as well, as we are approaching the $66 level.

U.S. WTI futures were at $61.99 per barrel as of 1:39 p.m. GMT, and Brent crude futures were at $65.14 per barrel, a 0.81 percent decline. Monday's transactions will be booked Tuesday for settlement because of the U.S. Presidents' Day holiday. The global benchmark traded at a $3.31 premium to April WTI.

The Organization of the Petroleum Exporting Countries and 10 producers outside the cartel, including Russian Federation, have been holding back crude output by 1.8 million barrels a day since the start of past year.

The Bloomberg Dollar Spot Index, a gauge of the currency against 10 major peers, fell 1.3% last week. A stronger dollar on Tuesday saw most commodity prices - which are denominated in the United States currency - fall.

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