Oil rose for the first
time in three sessions after the number of active rigs fell in the
U.S., potentially easing a supply glut.
Futures advanced as
much as 1.1 percent in New York, paring a 4.8 percent loss in the
previous two sessions. Rigs targeting oil in the U.S. fell by 15 to 372,
according to Baker Hughes Inc. More than 150 have been parked since the
start of the year. U.S. data last week showed inventories rose by more
than three times what was forecast, while imports increased to the
highest since June 2013. Trading was closed Friday for the Good Friday
holiday.
Oil has climbed back
from a 12-year low earlier this year on speculation the global surplus
will ease as U.S. output declines and major producers including Saudi
Arabia and Russia proposed an output freeze. Iran and Libya are the only
two OPEC members that haven’t pledged to attend production cap talks
next month.
West Texas
Intermediate oil for May delivery gained as much as 42 cents to $39.88 a
barrel on the New York Mercantile Exchange and was at $39.77 at 9 a.m.
Tokyo time. Total volume traded was about 64 percent below the 100-day
average. Prices dropped 33 cents to settle at $39.46 a barrel on
Thursday.
Brent for May
settlement rose as much as 24 cents, or 0.6 percent, to $40.68 a barrel
on the London-based ICE Futures Europe exchange. Prices slipped 1.8
percent last week. The global benchmark crude traded at a 85-cent
premium to WTI.
Source : Bloomberg
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