Oil traded near $60 a
barrel amid rising violence in the Middle East before OPEC meets to
discuss its production quota next month.
Futures were little
changed in New York. Iraq’s Prime Minister vowed a swift takeover of the
city of Ramadi from Islamic State militants, while Saudi Arabia’s King
vowed to punish those responsible for a suicide attack on Shiite-Muslim
worshipers in his nation. There was no floor session Monday on the Nymex
because of the Memorial Day holiday, and transactions will be booked
Tuesday for settlement purposes.
Oil’s rebound from a
six-year low is faltering near $60 a barrel amid speculation a global
glut will persist as rising prices spur a recovery in U.S. production.
The Organization of Petroleum Exporting Countries has exacerbated the
surplus by resisting calls to cut supply as it focuses on maintaining
market share. The group meets in Vienna June 5.
West Texas
Intermediate for July delivery was at $59.86 a barrel in electronic
trading on the New York Mercantile Exchange, up 14 cents from the May 22
close at 10:12 a.m. Sydney time. The contract fell $1 to $59.72 on
Friday. Prices have increased 12 percent this year.
Brent for July
settlement rose 6 cents, or 0.1 percent, to $65.58 a barrel on the
London-based ICE Futures Europe exchange on Monday. The European
benchmark crude ended the session at a premium of $5.65 to WTI on
Friday.
Source: Bloomberg
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