Oil advanced a second day, rising briefly above $30 a barrel in New York for the first time in almost a week.
West Texas
Intermediate futures rose 1.1 percent in electronic trading in New York
after surging 12 percent on Friday. Speculators’ long positions in WTI
through Feb. 9 rose to the highest since June, according to data from
the U.S. Commodity Futures Trading Commission. Iran loaded its first
cargo to Europe since international sanctions ended, while Chinese crude
imports eased from a record.
Oil in New York is
down about 20 percent this year. While the outlook for increased Iranian
exports threatens to further boost record oil stockpiles, major
companies including Chevron Corp. and Anadarko Petroleum Corp. are
curbing spending on exploration and development of new resources. Crude
surged the most in seven years on Feb. 12 after the United Arab Emirates
repeated OPEC’s readiness to engage with other producers.
WTI for March delivery
gained as much as 71 cents to $30.15 a barrel on the New York
Mercantile Exchange and was at $29.76 as electronic trading ended at 1
p.m. The New York Mercantile Exchange floor was closed Monday for the
Presidents Day holiday, and trades will be booked Tuesday. The contract
gained $3.23, or 12 percent, to close at $29.44 on Friday after dropping
19 percent the previous six sessions. WTI prices lost 4.7 percent last
week.
Brent for April
settlement rose 3 cents to settle at $33.39 a barrel after reaching
$33.97 in intraday trading on the London-based ICE Futures Europe
exchange. The European benchmark was at a premium of $1.51 to April WTI
at 1:42 p.m. in New York.
Source: Bloomberg
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