Oil rises after Saudi assurance that Opec cuts are unlikely to end before June
Singapore — Oil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to Opec-led supply cuts was unlikely before June and a report showing a fall US drilling activity. US West Texas Intermediate (WTI) crude oil futures were at $56.39 a barrel at 3.23am GMT GMT, up 32c, or 0.6% from their last close. Brent crude futures were at $65.04 a barrel, up 30c, or 0.5%. Despite the gains, markets were somewhat held back after US employment data raised concerns that an economic slowdown in Asia and Europe was spilling into the US, where growth has so far still been healthy. “Downward revisions in global growth forecasts by OECD [Organisation for Economic Co-operation and Development] and ECB [European Central Bank] have capped bullish gains,” said Benjamin Lu of Singapore-based brokerage Phillip Futures. Oil markets have generally been supported this year by ongoing supply cuts led by oil cartel Opec and some non-affiliated allies like Russia — known as...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.