Oil Holds Advance as OPEC Output Curbs Ease Oversupply Fears
Tuesday, 2 April 2019 07:35 WIB | COMMODITY |MinyakWTIBrent

Oil extended its best-in-a-decade rally amid fresh evidence that OPEC supply cuts are supporting a bullish outlook for prices.

Futures in New York added as much as 0.4 percent after reaching the highest level in about five months on Monday. Output from the Organization of Petroleum Exporting Countries slipped for a fourth month in March as Saudi Arabia pressed on with the curbs while an economic crisis in Venezuela escalated. At the same time, crude stockpiles in the U.S. probably declined by 900,000 barrels last week, according to a Bloomberg survey of analysts.

West Texas Intermediate for May delivery rose 12 cents to $61.71/bbl on the New York Mercantile Exchange as at 7:33 a.m. Seoul time. Contract settled Monday up 2.4 percent at $61.59/bbl.

Brent for June settlement closed 62 cents higher at $69.01/barrel on the London-based ICE Futures Europe exchange on Monday.

Source : Bloomberg

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