Oil Rises on Signs of Slowing Shale Growth as OPEC+ Output Falls
Monday, 4 March 2019 10:36 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil climbed above $56 a barrel on signs of slowing U.S. production growth and as OPEC and its allies deepened output cuts aimed at averting a global glut.

Futures in New York rose as much as 0.9 percent after a 2.5 percent drop on Friday. Working oil rigs in America fell to the least since May, according data from Baker Hughes. OPEC™s output dropped last month, aided by unplanned supply losses in Iran and Venezuela. The group™s key ally, Russia, also made deeper production curbs. Signs of progress toward a resolution to the U.S.-China trade war brightened the outlook for demand.

West Texas Intermediate for April delivery rose as much as 50 cents to $56.30 a barrel on the New York Mercantile Exchange and traded 32 cents higher at $56.12 at 10:37 a.m. in Singapore. Prices last week had ended lower following weaker-than-expected reports on U.S. factory orders and consumer sentiment.

Brent for May settlement was at $65.40 a barrel, up 33 cents, on the London-based ICE Futures Europe exchange. The global benchmark crude™s premiumover WTI for the same month narrowed to $8.72.

Source : Bloomberg

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