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Oil prices rebound

FOREX_Market-news_Oil-prices-rebound_FXPIG

Oil prices traded higher on Monday, set to recover much of what they lost last week, even as U.S.-China tensions lingered and rig activity in the U.S. pointed to production growth.

On the New York Mercantile Exchange, May West Texas Intermediate crude CLK8, +2.14%  rose $1.34, or 2.2%, to $63.40 a barrel. June Brent crude LCOM8, +2.21% the global benchmark, was up $1.35, or 2%, at $68.46 a barrel on ICE Futures Europe.

Oil prices had declined by roughly 2% on Friday, with WTI down 4.4% and Brent losing 3.2%, for the week—their worst week in two months. Prices had followed equity markets lower amid growing fears of a trade war between the world’s two largest economies.

On Monday, crude oil was tracking global stock prices higher on signs over the weekend that President Donald Trump’s administration may be softening its stance in the trade spat with China, though remarks from China’s foreign ministry and a tweet from Trump suggest the dispute could easily heat up again.

The Organization of the Petroleum Exporting Countries and 10 countries outside the oil cartel, including Russia, have been holding back crude output by 1.8 million barrels a day since the start of last year. The agreement, which is set to expire at the end of 2018, helped crude prices climb more than 50% in the second half of last year.

OPEC production fell in March to an 11-month low of 32.14 million barrels a day, down 250,000 barrels a day from February, led by output declines in Venezuela and Angola, according to a survey from S&P Global Platts released Friday.

Meanwhile, the number of rigs drilling for oil in the U.S.—a proxy for activity in the sector—was up by 11 last week, according to Baker Hughes BHGE, +0.52% a further sign of relentless U.S. crude output.

Oil market observers are looking ahead to monthly reports from OPEC and the International Energy Agency, due Thursday and Friday, respectively, with an eye to potential revisions on the global oil demand. The Energy Information Administration will also release its monthly short-term energy outlook report Tuesday and weekly U.S. petroleum-supply data Wednesday.

The market is also keeping an eye on developments out of Syria, after reports an air base near Homs was struck by missiles. The U.S. has denied any role in the strike, though Trump warned that Syria and allies Russia and Iran would pay a “big price” for a suspected chemical-weapons attack.

Among refined products on Nymex, May gasoline RBK8, +1.28%  added 1.4% to $1.98 a gallon and May heating oil HOK8, +1.90% climbed 1.9% to $1.995 a gallon. May natural gas NGK18, -1.41%  traded at $2.653 per million British thermal units, down 1.8%.

Source:marketwatch.com

Oil prices traded higher on Monday, set to recover much of what they lost last week, even as U.S.-China tensions lingered and rig activity in the U.S. pointed to production growth.

On the New York Mercantile Exchange, May West Texas Intermediate crude CLK8, +2.14%  rose $1.34, or 2.2%, to $63.40 a barrel. June Brent crude LCOM8, +2.21% the global benchmark, was up $1.35, or 2%, at $68.46 a barrel on ICE Futures Europe.

Oil prices had declined by roughly 2% on Friday, with WTI down 4.4% and Brent losing 3.2%, for the week—their worst week in two months. Prices had followed equity markets lower amid growing fears of a trade war between the world’s two largest economies.

On Monday, crude oil was tracking global stock prices higher on signs over the weekend that President Donald Trump’s administration may be softening its stance in the trade spat with China, though remarks from China’s foreign ministry and a tweet from Trump suggest the dispute could easily heat up again.

The Organization of the Petroleum Exporting Countries and 10 countries outside the oil cartel, including Russia, have been holding back crude output by 1.8 million barrels a day since the start of last year. The agreement, which is set to expire at the end of 2018, helped crude prices climb more than 50% in the second half of last year.

OPEC production fell in March to an 11-month low of 32.14 million barrels a day, down 250,000 barrels a day from February, led by output declines in Venezuela and Angola, according to a survey from S&P Global Platts released Friday.

Meanwhile, the number of rigs drilling for oil in the U.S.—a proxy for activity in the sector—was up by 11 last week, according to Baker Hughes BHGE, +0.52% a further sign of relentless U.S. crude output.

Oil market observers are looking ahead to monthly reports from OPEC and the International Energy Agency, due Thursday and Friday, respectively, with an eye to potential revisions on the global oil demand. The Energy Information Administration will also release its monthly short-term energy outlook report Tuesday and weekly U.S. petroleum-supply data Wednesday.

The market is also keeping an eye on developments out of Syria, after reports an air base near Homs was struck by missiles. The U.S. has denied any role in the strike, though Trump warned that Syria and allies Russia and Iran would pay a “big price” for a suspected chemical-weapons attack.

Among refined products on Nymex, May gasoline RBK8, +1.28%  added 1.4% to $1.98 a gallon and May heating oil HOK8, +1.90% climbed 1.9% to $1.995 a gallon. May natural gas NGK18, -1.41%  traded at $2.653 per million British thermal units, down 1.8%.

Source:marketwatch.com

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