Oil holds profits in Asia

Oil holds profits in Asia

On Monday, oil held profits in Asia, following supporting comments by the Russian as well as Saudi energy ministers. Additionally, this week’s data might back views that the supply and demand are gradually stabilizing.

July delivery US West Texas Intermediate crude futures gained 0.55%, trading at $46.08 a barrel. In London, August delivery crude futures soared 0.56%, trading at $48.42 a barrel.

Meanwhile, market participants will keep an eye open on monthly reports from the Organization of Petroleum Exporting Counties as well as the International Energy Agency to evaluate global supply and demand levels.

The previous week on Friday, crude futures settled a bit higher, though prices still faced their third straight weekly loss as the market weighed ascending American drilling and swelling stockpiles versus efforts by key producers to reduce output to tame a global glut.

The US rig count tacked on by 8 to 741, thus extending a year-long drilling revival to the highest value since April 2015.

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