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Main » Oil Price Stabilises As Brent Crude Gains At $65.30 Per Barrel

Oil Price Stabilises As Brent Crude Gains At $65.30 Per Barrel

21 February 2018

Meanwhile, West Texas Intermediate (WTI) crude was up 69 cents, or 1.12 per cent, to Dollars 62.37, while Brent crude, used to price global oils, lost 21 cents, or 0.32 per cent, to USD 65.46 a barrel on the New York Mercantile Exchange.

Crude oil prices gained some ground Monday in a trading session lightened by the USA federal holiday.

The Brent variety was moving in the red zone because of the rise in the United States dollar, which also affects demand, making commodities denominated in dollars more expensive for countries using other currencies.

More fundamentally, oil markets got a push from comments by Saudi Arabia, the de-facto leader of the Opec, voicing support for production cuts backed by Opec and other producers including Russian Federation since 2017 in an effort to tighten the market and prop up prices. "Though the market likes OPEC and its allies' show of unity, we still need to see how USA shale companies will react on higher prices and eventually offset all the efforts of OPEC and others to reduce inventories".

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Oil prices were lower on Tuesday afternoon, weighed by profit taking and a marginally stronger dollar.

WTI crude futures CLc1 were at $59.06 a barrel, down 13 cents from their last settlement.

The Saudi energy ministry said that Saudi Aramco's crude output in March will be 100,000 barrels per day (bpd) below its February level while exports would be kept below 7 million bpd.

The American Petroleum Institute (API) is set to state its forecast regarding the U.S. crude supply on Wednesday. So, imports could be higher in coming months as well.

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"A combination of stock market rally, dollar weakness and OPEC/non-OPEC rhetoric helped oil prices recover part of the ground they had lost in the preceding two weeks", according to Tamas Varga, an analyst at brokerage PVM Oil Associates Ltd.

The increase in US production is not "a blip", Brouillette said.

Asian shares are trading higher, helping to underpin the crude oil market. Last week, the gold rose by 2.4% in its best week for more than five months after investors preferred it because of fears of rising inflation. This made WTI futures extend their gains well above $60 per barrel levels and the counter is now up 1.28% at $62.35 per barrel.

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Oil Price Stabilises As Brent Crude Gains At $65.30 Per Barrel