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Crude declines moderately in Asia
On Monday, oil gave up slight early revenues in Asia with China shut for a public holiday and traders shrugging off news at the weekend on positive output cuts by Russia as well as Iraq’s pledge to step-up compliance.
May delivery US West Texas Intermediate crude futures lost 0.14%, hitting $50.53 a barrel in New York. In London, June delivery Brent crude futures dipped 0.24%, hitting $53.40 a barrel.
The previous week, crude futures settled higher for the fourth session in a row, extending a soar to the strongest value in more than three weeks amid optimism that OPEC is going to extend its output-cut deal beyond June.
Sentiment in the crude market improved this week in wake of extremely supportive rhetoric from a number of OPEC nations, who want to extend output cuts into the second half of this year.
Last year in November, OPEC agreed to curb its output by approximately 1.2 million bpd between January and June, while Russia along with 10 other non-OPEC producers have decided to jointly reduce by an additional 600,000 bpd.
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OPEC will hold a meeting on March 4, where it should announce its decision on further oil output.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.