Crude revives some lost ground, though market is under pressure

Crude revives some lost ground, though market is under pressure

On Monday, crude prices revived some ground, following the previous week's huge losses, powered by hopes that OPEC will extend its promise to minimize output to cover all of 2017, though a relentless surge in American drilling capped revenues.

American West Texas Intermediate crude futures CLc1 gained 0.5%.

Brent crude futures LCOc1 inched up 0.5%, hitting $52.23 per barrel.

Crude prices edged down steeply the previous week on the back of relatively high crude supplies notwithstanding a promise by the Organization of the Petroleum Exporting Countries as well as some other crude producers to reduce output by nearly 1.8 million barrels per day for six months from January 1 to back the market.

American drillers added crude rigs for a 14th week in a row, adding to 688 rigs and extending an 11-month revival, expected to boost American shale output in May by the biggest monthly surge in more than two years.

 

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