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What’s next? – OIL 19.02.18

Feb 19 2018, 02:06 PM (+06) |

Crude oil prices were higher in early Asian hours on Monday, extending weekly gains as investors' sentiment remains supported by OPEC cuts.


The US West Texas Intermediate crude contracts were up 1.22 percent to $62.30 per barrel as of 03:00 GMT. Meanwhile, Brent futures added 0.82 percent to $65.37 a barrel.


Crude benchmarks ended in green territory on Friday for a third straight session, with market participants cheered by the ongoing effect of OPEC-led efforts to balance the market.


The US dollar index, which measures the greenback against six major currencies, was trading 0.15 percent lower at 88.88 by the time of this writing. Last week, the USDX fell 1.46 percent.


The American currency was under pressure as expectations on potential faster monetary adjustments outside the United States continued to build.


A weaker base currency makes oil a cheaper investment alternative for market players holding other currencies, a factor typically associated with a boost in demand.


For the week, WTI contracts with delivery in April were up 4.2 percent at nearly $61.55 per barrel, while Brent futures gained 3.3 percent at $64.84 a barrel.


United Arab Emirates energy minister Suhail al-Mazroui said the world’s top producers, starring Saudi Arabia and Russia, are discussing a potential long-term agreement to keep output down.


The Organization of the Petroleum Exporting Countries (OPEC) together with Russia and other independent producers agreed in December to extend cuts until the end of 2018.


On the data front, Baker Hughes said on Friday the weekly oil rig count has risen by 51 to 798. This massive build in the count anticipates a potential increase in near-term output.


Last week, the US Energy Information Administration said crude supplies rose 1.841 million barrels in the week ended Feb 9, compared to a 2.825 million barrels build seen.

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