Oil fell from the highest settlement in more than three months as Iran said it plans to boost production.
Futures dropped as
much as 0.9 percent in New York after advancing 1.7 percent Friday. Iran
plans to boost crude output to 4 million barrels a day before it will
consider joining other suppliers in seeking ways to rebalance the global
market. Rigs targeting oil in the U.S. fell by 6 to 386, according to
Baker Hughes Inc., the least since December 2009. That’s the 12th week
of declines.
Oil has recouped its
losses this year after slumping to a 12-year low last month amid
speculation stronger demand and falling U.S. production will ease a
supply glut. Prices may have passed their lowest point as shrinking
supplies outside OPEC and disruptions inside the group erode the global
surplus, the International Energy Agency said Friday.
West Texas
Intermediate for April delivery fell as much as 33 cents to $38.17 a
barrel on the New York Mercantile Exchange and traded at $38.41 at 10:01
a.m. Sydney time. The contract climbed 66 cents to $38.50 on Friday.
Prices rose 7.2 percent last week. Total volume traded was about 70
percent below the 100-day average.
Brent for May
settlement lost as much as 19 cents, or 0.5 percent, to $40.20 a barrel
on the London-based ICE Futures Europe exchange. The contract rose 0.9
percent to $40.39 on Friday, capping a 4.3 percent increase for the
week. The global benchmark crude was at a premium of 33 cents to WTI for
May.
Source: Bloomberg
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