Wednesday, 4 April 2018 03:12 WIB |
Oil recouped some losses from this week™s equity-driven selloff as investor appetite for risk improved.
Futures advanced 0.8 percent in New York following Monday™s 3 percent slump. The Dow Jones Industrial Average and S&P 500 Index rose. Yet, expectations for continued growth in American crude stockpiles are keeping a lid on oil™s upward move. After trading above $63.50 all of last week, futures barely managed to stay above that mark.
Helping support prices this year are supply cuts led by OPEC. Russian Energy Minister Alexander Novak said his nation is ready to discuss long-term cooperation with the group at a ministerial meeting this month. At the same time, the cartel™s output in March dropped to the lowest in a year, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.
West Texas Intermediate for May delivery added 50 cents to settle at $63.51 a barrel on the New York Mercantile Exchange. Total volume traded was about 30 percent below the 100-day average.
Brent for June settlement climbed 48 cents to end the session at $68.12 on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a $4.66 premium to June WTI.
Source : Bloomberg