Oil
rose the most in two months as U.S. crude production continued to slide
before talks between suppliers to discuss freezing output.
Futures
climbed 6.6 percent in New York. U.S. output slid for the 10th time in
11 weeks through April 1 and crude stockpiles fell, according to data
from the Energy Information Administration on Wednesday. The number of
active oil rigs in the U.S. dropped to the lowest level since 2009 this
week, Baker Hughes Inc. data show. Major producers from Saudi Arabia to
Russia will meet in Doha on April 17 to discuss freezing output in a bid
to stabilize prices.
Crude
slid to the lowest level in almost 13 years in February before
rebounding on signs a global glut will ease. Prices have whipsawed this
week amid speculation over whether an accord to cap output can be
reached. Saudi Arabia said it will only agree to a freeze if it’s joined
by other suppliers including Iran, while Kuwait said a deal can be done
without Tehran’s support.
West
Texas Intermediate for May delivery advanced $2.46 to close at $39.72 a
barrel at on the New York Mercantile Exchange. It’s the biggest gain
since Feb. 12. Prices climbed 8 percent this week. Total volume traded
was 58 percent above the 100-day average at 2:53 p.m.
Brent
for June settlement rose $2.51, or 6.4 percent, to $41.94 a barrel on
the London-based ICE Futures Europe exchange. The front-month contract
closed at an 8-cent discount to the second-month. The global benchmark
oil closed at a 95-cent premium to June WTI.
Source: Bloomberg
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