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Oil market jumps on hopes of easing global supply glut LONDON: World oil prices shot higher Wednesday on forecasts that US shale production would likely drop and help ease a global supply glut, analysts said.US benchmark West Texas Intermediate for delivery in May rallied to a two-month peak at $54.25 per barrel, before pulling back to $53.89, up 60 cents from Tuesday's close.Brent North Sea crude for May hit a three-week high at $59.63 a barrel. It later stood at $59.16 in midday deals, up 73 cents."Oil prices are continuing their upswing," said Commerzbank analyst Carsten Fritsch."Brent is nearing the $60 per barrel mark, while WTI is already trading at a 2.5-month high of a good $54 per barrel."Speculative financial investors are clearly taking the latest news of a declining US oil supply as reason enough to further step up their investments in the oil market."But he cautioned: "Despite all the euphoria, the production falls reported so far are not ...
Oil above $59 on Middle East, US output, but IEA report caps gains LONDON: Brent crude oil prices rose above $59 a barrel on Wednesday amid tension in the Middle East and signs of a dip in U.S. production, but gains were capped by a report from the International Energy Agency (IEA) indicating that supplies would take longer to tighten than previously expected.Front-month Brent crude futures were up 68 cents at $59.11 per barrel by 0903 GMT, while U.S. crude futures were up 70 cents to $53.99.Prices were ...
Oil above $58 on US shale output report, Mideast LONDON: Crude oil rose on Tuesday after a forecast that U.S. shale oil output would record its first monthly decline in more than four years and on tension in Yemen, where top oil exporter Saudi Arabia is embroiled in a civil war.Brent crude was up 30 cents at $58.23 a barrel by 1000 GMT, while U.S. crude was up 40 cents at $52.31.The U.S. Energy Information Administration (EIA) said on Monday it expected U.S. shale ...
Oil above $58 on US shale report, Mideast tension LONDON: Crude oil rose on Tuesday after a forecast that U.S. shale oil output would record its first monthly decline in more than four years and on tensions in Yemen, where top oil exporter Saudi Arabia is embroiled in a civil war.Brent crude was up 32 cents at $58.25 a barrel by 1339 GMT, while U.S. crude was up 57 cents at $52.48.The U.S. Energy Information Administration (EIA) said on Monday it expected U.S. shale ...
Oil rises towards $59, supported by US drilling slowdown LONDON: Brent rose towards $59 a barrel on Monday in a volatile market, continuing gains after a strong end to last week as financial traders increased bets on higher prices amid a slowdown in U.S. drilling.Front-month Brent crude futures were up 82 cents at $58.69 a barrel by 0934 GMT, having earlier touched $59.54. U.S. crude had risen 78 cents to $52.42 a barrel, after touching $53.10."We found a bit of a momentum this morning," ...

 





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