Markets

Oil on longest rising streak in more than a month

Oil on longest rising streak in more than a month

Brent crude oil gained 30 cents to touch $52.12 a barrel, while the United States light crude traded 25 cents higher at $49.10 against their last close, reported Reuters. Both benchmarks have risen more than $5 since hitting five-month lows 10 days ago.

"When the two biggest oil producers of the world reach a consensus on the extension of a supply cut, the market will listen", Tamas Varga, of oil broker PVM, said in a report. The small move higher Tuesday put both Brent and USA futures on track to rise for a fifth day in a row.Kuwait's oil minister, Essam al-Marzouq, backed the previous day's agreement by Saudi Arabia and Russian Federation on the need to extend a crude output cut by OPEC and other producing countries of 1.8 million barrels per day (bpd) until the end of March next year.

In its monthly oil market report, the Paris-based group noted Libya has raised oil production to 800,000 barrels a day, the highest point in three years, according to its preliminary data.

West Texas Intermediate (WTI) was dealing oil at 3.2 percent rise at $49.40 global Brent at $52.47 per barrel achieving the same percentage rise.

West Texas Intermediate for June delivery climbed 4 cents to $48.89 a barrel on the New York Mercantile Exchange at 8:28 a.m.in Tokyo. The meeting to decide on the output cut extension has been set for May 25.

Some analysts said that US production could still threaten to disrupt the market balance unless the cuts were deepened.




US energy firms have added oil rigs for a 17th week in a row, extending a 12-month drilling recovery that is expected to help boost crude production in the United States to a record high next year.

Current Oil Minister Bijan Zanganeh, speaking on 6 May, said he believed producers were likely to extend the Opec-led deal although he did not give a timeframe, and added $55 was a suitable price for oil.

Putin, speaking in Beijing, said extending the output cuts was the right thing to do.

Opec, Russia and other producers originally agreed to cut output by 1.8-million barrels per day in the first half of 2017, with a possible six-month extension.

Goldman retained its average Brent price forecast for the third quarter of 2017 at US$57 per barrel.


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