Oil
extended gains after the biggest jump in almost two months as U.S.
drillers idled more rigs ahead of talks between the world’s biggest
producers about freezing output.
Futures
rose as much as 1.9 percent in New York after increasing 6.6 percent
Friday, the most since Feb. 12. The number of active oil rigs fell for
the 15th time in 16 weeks to the lowest level since 2009, according to
data from Baker Hughes Inc. Venezuela said the first step at the April
17 meeting in Doha between suppliers including Saudi Arabia should be to
cap production.
Oil
has rebounded after falling to the lowest in more than 12-years amid
signs that a global glut will ease as U.S. output declines. Saudi Arabia
said it will agree to a freeze only if it’s joined by other suppliers
including Iran, while Kuwait said a deal can be done without Tehran’s
support. Iraq boosted production to a record in March, according to the
state-run Oil Marketing Co.
West
Texas Intermediate for May delivery advanced as much as 75 cents to
$40.47 a barrel on the New York Mercantile Exchange and was at $40.14 at
8:21 a.m. Hong Kong time. The contract rose $2.46 to $39.72 a barrel on
Friday, capping an 8 percent weekly gain. Total volume traded was about
46 percent above the 100-day average.
Brent
for June settlement climbed as much as 51 cents, or 1.2 percent, to
$42.45 a barrel on the London-based ICE Futures Europe exchange. Prices
increased 8.5 percent last week. The global benchmark crude was at an
85-cent premium to WTI for June.
Source: Bloomberg
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