Oil prices rose on Monday ahead of an OPEC meeting this week that is
widely expected to increase global crude supply and as investors
assessed the impact of a trade dispute between the United States and
China.
U.S. light crude oil CLc1 hit a two-month low of $63.59 a barrel but
they recovered to trade at $65.00, down 6 cents, by 1140 GMT.
Benchmark Brent LCOc1, meanwhile, rose more than $1 to a high of $74.45 a barrel and was trading at $74.40, up 96 cents, by 1210 GMT.
Brent hit a 3-1/2-year high above $80 a barrel in May but has since fallen on reports that top suppliers Saudi Arabia and Russia will increase production.
They will meet in Vienna on June 22 to decide forward production policy, with Russia and Saudi Arabia pushing for higher output.
All oil market eyes are now focused on OPEC, Commerzbank commodities analyst Carsten Fritsch said:
U.S. bank Morgan Stanley said in a note to clients that the trade spat meant that economic “downside risks have risen”.
U.S. oil exports have boomed in the last two years as shale oil production has surged, with China becoming one of the biggest buyers.
Benchmark Brent LCOc1, meanwhile, rose more than $1 to a high of $74.45 a barrel and was trading at $74.40, up 96 cents, by 1210 GMT.
Brent hit a 3-1/2-year high above $80 a barrel in May but has since fallen on reports that top suppliers Saudi Arabia and Russia will increase production.
They will meet in Vienna on June 22 to decide forward production policy, with Russia and Saudi Arabia pushing for higher output.
All oil market eyes are now focused on OPEC, Commerzbank commodities analyst Carsten Fritsch said:
U.S. bank Morgan Stanley said in a note to clients that the trade spat meant that economic “downside risks have risen”.
U.S. oil exports have boomed in the last two years as shale oil production has surged, with China becoming one of the biggest buyers.
Oh, so YOU'RE the scumbags who use an indian call centre to harrass people whose contact details you've scraped from domain registrations!
ReplyDelete