Oil on the NYMEX rose during the Asian session
Oil prices rose on Monday in the Asian session, as the focus of investors are long-awaited summit of the largest oil producers in the next month, dedicated to the proposal to freeze the amount of production, and data on oil reserves in the US, which will appear later this week.
On the New York Mercantile Exchange WTI crude oil for May delivery rose 0.76% to $ 39.76 per barrel. Trading is sluggish, as markets in Australia, Hong Kong, London, Frankfurt, Paris and Milan are closed due to the Easter celebration. Later today the US will publish a report on consumer spending and pending sales in the real estate market.
This week the focus of oil traders will be data on US oil inventories, which will be on Tuesday and Wednesday, and will point to the recent changes of supply and demand.
Also, investors will wait for new reports of a possible agreement between the countries – members of OPEC and non-OPEC producers to limit the volume of oil production.
Last Thursday, crude oil futures fell in price after it became aware of a substantial increase in reserves of American oil. The results of oil ended the week in negative territory for the first time in six weeks. On Friday, the oil market was closed due to holidays.
US WTI crude oil has started to grow, after the company Baker Hughes, which provides services for the development of oil fields, reported that the number of drilling rigs decreased by 15 to 372. A week earlier the figure in the US last week rose by 1, an increase for the first time this year.
According to the Energy Information Administration US crude oil inventories in the previous week rose more than expected, by 9.4 million barrels to 532.5 million.
US crude fell back by almost 45%, after falling to its lowest level in 13 years at $ 25.05 in mid-February. This increase is due to improvement in mood as a result of a decline in the volume of US shale oil production. However, analysts warned that the market is still weak because of the constant oversupply.
Meanwhile, on the Intercontinental Exchange, Brent oil futures for May delivery on Thursday fell in price by 3 cents (0.07%) to $ 40.44, to ask for the day to a high of $ 39.22, which was last seen March 16 .
Representatives of the International Energy Agency on Thursday acknowledged that the expected freezing oil output by four leading manufacturers can be “meaningless.”
Members of the OPEC and non-OPEC producers have to meet in Qatar on 17 April to discuss the freezing of production volumes. However, it is not clear which countries will attend the summit.
Brent futures increased by approximately 45% after falling below $ 30 per barrel in the middle of February. Short covering began in February, after Saudi Arabia and its OPEC colleagues in Qatar and Venezuela have agreed with the Russian, non-OPEC countries, to freeze production at the January level, with the proviso that other exporting countries would support this move.
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