Oil Extends Rally as Russia Shows Commitment to Output Cuts
Monday, 1 April 2019 07:33 WIB | COMMODITY |MinyakWTIBrent

Oil extended gains above $60 a barrel, driven up by tightening supplies amid signs that Russia is stepping up its compliance with agreed production cuts.

Crude futures rose 0.5 percent, after posting their strongest quarter since 2009. Russian Energy Minister Alexander Novak said Friday the world™s second-biggest producer would deepen the output cuts it has imposed along with OPEC this year, while calculations from the energy ministry offered evidence that Russia™s cuts were already accelerating. In the U.S., drillers sidelined more rigs for the sixth straight week.

Russia and Iran™s energy ministers will discuss a possible extension of the OPEC+ agreement to curb oil production when they meet in Moscow April 1.

West Texas Intermediate for May delivery rose 27 cents to $60.41 a barrel on the New York Mercantile Exchange as at 9:43 am Sydney time.  May WTI settled Friday up 1.4 percent at $60.14/barrel.

Brent for June settlement was up 29 cents to $67.87/barrel on the London-based ICE Futures Europe exchange.

Source : Bloomberg

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