In Asia oil holds revenues as NKorea shrugged off

On Monday, oil held strong revenues in Asia, shrugging off the latest North Korean missile test and also waiting for the big gathering on May 25 widely supposed to extend an oil output cut pact through March 2018.

The US benchmark June delivery West Texas Intermediate crude futures rallied 0.99%, trading at $51.17 a barrel in New York. In London, July delivery Brent futures last demonstrated $53.88 a barrel.

The previous week, oil futures settled at a four-week peak on Friday, with prices boasting a weekly revenue of more than 5% amid upbeat expectations that major producers are about to extend output drops beyond an agreed-on June deadline during a scheduled meeting this month.

Most market experts actually expect the crude number one cartel to extend output drops for nine months until March 2018, versus previously expected six months.

The output-cut agreement has had minor impact on global inventory levels because of soaring supply from producers not taking part in the accord, including Libya, as well as a relentless surge in American shale crude output.

Similar

08.03.2022 21:17 Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

08.02.2022 09:40 First Oil Release After OPEC Meeting

US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.

01.02.2022 09:26 Will oil change the trend after OPEC-JMMC meetings?

On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.