Oil advanced on speculation a pact to freeze crude output may be reached without the participation of Iran.
Futures rose from a
one-month low. Oil-producing countries can come to an agreement capping
crude production at January levels even if Iran doesn’t join the move to
help shore up prices, according to Kuwait’s OPEC governor. The dollar
dropped to the lowest level against the yen in more than a year,
bolstering the appeal of commodities priced in the U.S. currency. A
government report Wednesday is projected to show that U.S. crude
supplies climbed.
West Texas
Intermediate for May delivery increased 19 cents, or 0.5 percent, to
settle at $35.89 a barrel on the New York Mercantile Exchange. Futures
touched $35.24, the lowest since March 4. Total volume traded was 19
percent below the 100-day average at 3:12 p.m.
Brent for June
settlement rose 18 cents, or 0.5 percent, to $37.87 a barrel on the
London-based ICE Futures Europe exchange. It earlier touched $37.27,
also the lowest since March 4. The global benchmark closed at a 73-cent
premium to WTI for June delivery.
Oil’s rebound from a
12-year low has stalled amid doubts about the prospects of a proposed
deal to freeze supply. Saudi Arabia will only cap production if it’s
joined by other major producers including Iran, the kingdom’s deputy
crown prince said last week. Russia and all OPEC members except Libya
will attend the meeting in Doha.
Source: Bloomberg
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