Oil Keeps Pushing Higher as OPEC Output Drops for a Fourth Month
Tuesday, 2 April 2019 13:52 WIB | COMMODITY |MinyakWTIBrent

Oil added to its biggest advance in more than two weeks after fresh evidence of the OPEC+ coalition™s resolve to cut output and a deepening crisis in Venezuela supported a bullish outlook for prices.

Futures in New York rose as much as 0.7 percent after jumping 2.4 percent in the previous session. OPEC crude production fell for a fourth month in March, data showed Monday. Power blackouts in Venezuela further squeezed supplies, while U.S. stockpiles probably declined by 900,000 barrels last week, according to a Bloomberg survey before the official figures due Wednesday.

Oil has rallied around 36 percent this year due to the effectiveness of the Saudi Arabian-led production cuts, as well as recent signs the global growth outlook may not be as bad as previously feared. The output reductions, which are set to expire in June, could be easily extended, Iranian Oil Minister Bijan Namdar Zanganeh said Monday in Moscow after meeting his Russian counterpart.

West Texas Intermediate for May delivery rose 16 cents to $61.75 a barrel on the New York Mercantile Exchange as of 2:30 p.m. in Singapore. It climbed as much as 43 cents earlier and peaked at $62.02, the highest intraday price since Nov. 8.

Brent for June settlement increased 15 cents to $69.16 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude™s premiumover WTI for the same month narrowed to $7.30 a barrel.

Source : Bloomberg

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