Brent nears $70 on global supply

Oil Climbs `Green Shoots&apos to Longest Run of Gains Since 2017
Oil Climbs `Green Shoots to Longest Run of Gains Since 2017More
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07 April, 2019

Yet in the United States, for the week ending March 29, US commercial crude oil inventories increased by 7.2 million barrels from the previous week. Their session high was $69.96, the highest since November 12, when they traded above $70, Trend reports citing Reuters.

The global benchmark for oil prices settled for the entire trading session 9 cents higher at $69.40/Bbl.

The price for Brent has jumped 30% this year, while WTI has gained 38%.

"And there's a much-better-than-expected demand picture after the recent China and US PMI numbers, along with a potential kicker from any US-China trade agreement", he said.

The Caixin/Markit services purchasing managers' index (PMI) rose to 54.4, the highest since January 2018 and up from February's 51.1, a fourth-month low, a private business survey of China's service sector showed on Wednesday.

U.S. President Donald Trump on Thursday said the two sides were "very close to making a deal", though the United States remains hesitant to lift 250 billion dollars in tariffs that China is seeking to have removed.

The refinery maintenance season is also drawing to a close and that will provide further demand for crude, analysts said.

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US energy companies this week increased the number of oil drilling rigs for first time in seven weeks, General Electric Co's Baker Hughes energy services firm said in its report on Friday.

"The OPEC+ group has so far maintained a high compliance with their output-cut deal, which together with positive economic data from the US and China, are supporting oil prices", Kumar said.

"We keep having these headwinds", said John Kilduff, a partner at Again Capital Management in NY.

Crude stocks in the United States rose 7.2 million barrels last week, as net imports climbed, production edged higher to a new record and refining rates slowed, the Energy Information Administration said.

The EIA also said gasoline inventories dropped by 1.78 million barrels last week, higher than what was forecast.

Oil prices have gained this year after the Organization of the Petroleum Exporting Countries and producer allies such as Russian Federation, known as OPEC+, agreed to cut output by 1.2 million barrels per day (bpd) to prevent a supply overhang from growing.


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