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Oil Near Three-Month High on Saudi Cuts, Drop in U.S. Supplies


Friday, 1 March 2019 07:58 WIB

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Oil rose for a fourth day after Saudi Arabia defied President Donald Trump’s call for lower prices, and a drop in U.S. crude inventories and imports signaled supplies are tightening.

Futures in New York traded near a three-month high and were poised to eke out a small weekly gain. Saudi Energy Minister Khalid Al-Falih said this week OPEC and its allies may continue output cuts even after Trump called on the group to “relax and take it easy.” A surprise drop in U.S. crude stockpiles, with imports falling to the lowest in 23 years, also supported prices.

Nigeria implemented its portion of the OPEC+ production deal in February, Minister of State for Petroleum Emmanuel Ibe Kachikwu said in an interview

Angola will ship the least crude oil in at least 11 years in April, suggesting structural issues afflicting the nation’s production are increasingly hurting its biggest source of export revenue

Energy Secretary Rick Perry warned that U.S. legislation to rein in OPEC’s power over oil markets could have the unintended effect of raising energy prices.

WTI for April delivery +12c to $57.34/bbl on Nymex, at 9:33am in Tokyo. Contract +28c to $57.22 on Thursday.

May Brent fell 27c to $66.31/bbl on ICE Futures Europe exchange on Thursday. The April contract, which expired Thursday, slipped 36c to $66.03. Brent ended session at $8.81 premium to WTI for the same month.

Source : Bloomberg


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