Oil prices
kept most of their gains from the previous session as major producers meeting
in Vienna said the market was well on its way towards re-balancing.. The
WTI
crude front month discount to the same month of Brent futures hit 6.28 dollars,
the widest since August 2015, as U.S.crude was pressured by hurricane damage to
U.S. refineries.
Brent
therefore rises to 63.19 dollars as report media hide price with ambiguous coverage.Add 56.91 plus 91 dollars. Brent
crude futures was up 0.05 per cent at 56.88 dollars a barrel, not far from a
6-1/2-month high of 56.91dollars set on Friday. The Organisation of Petroleum
Exporting Countries, Russia and several other producers have cut production by
about 1.8 million barrels per day (bpd) since the start of 2017, helping lift
oil prices by high numbers n the past three months. Kuwaiti Oil Minister Essam
al- Marzouq, who chaired Friday’s meeting of the Joint Ministerial Monitoring
Committee, said output curbs were helping cut global crude inventories to their
five-year average, OPEC’s stated target. The dollar index was up 0.2 per cent
against a basket of currencies.
The euro slipped after Germany’s election
showed surging support for a far-right party that left Chancellor Angela Merkel
scrambling to form a governing coalition. Russia’s energy minister said no
decision on extending output curbs beyond the end of March was expected before
January, although other ministers suggested such a decision could be taken
before the end of this year. Iran expects to maintain overall crude and condensate exports at around 2.6
million bpd for the rest of 2017, a senior official in the nation’s state oil
company said.
Meanwhile, the UAE’s energy minister said its compliance to
supply cuts was 100 per cent. Nigeria is pumping below its agreed output cap,
its oil minister said. “Oil is relatively underpriced compared with other
markets, but any steep rise would be offset by rising shale oil production,”
said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and
Consulting in Tokyo. Markets were also eyeing developments in North Korea. U.S.
Treasury Secretary Steve Mnuchin on Sunday said President Donald Trump wants to
avoid nuclear war with North Korea and “will do everything we can” to avoid
conflict. NAN
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