Oil set for strongest first quarter in a decade OPEC-led cuts and trade talk optimism
Expectations that a trade deal between the US and China have also aided prices, with WTI futures set to rise for a fourth consecutive week,to Reuters. Similarly, US sanctions on Iran and Venezuela have cut their supply from global markets aiding prices.
Prices are set to come under pressure later this year. Saudi Arabia is keen to continue current production cuts whereas non-OPEC member Russia would prefer an earlier cut off date. A June meeting will be key in deciding the future of production cuts which have taken some 1.2 million barrels per day out of the market since"Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high.
"Trump meddling with the price of oil is nothing new, but still has an impact," according to Jasper Lawler, head of research at London Capital Group. Brent crude is also set to post a 27% return for the first quarter,"This and the weaker global growth hitting demand are the big risks which oil prices face in the second half of the year," Lawler said.
Brent crude is up 0.5% at $67.4 a barrel while WTI is close to the $60 mark at $59.7 trading up 0.8% as of 8.55 a.m in London.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil slips as rising U.S. supply dulls impact from OPEC reductionsU.S.-priced oil slipped again Thursday, deepening its pullback from the closely watched $60 mark as domestic supply data surprised with a gain and a degree of demand uncertainty nags this market.
Read more »
Oil prices set for biggest first-quarter gain since 2009 on U.S. sanctions, OPEC cutsOil prices rose on Friday, pushed up by ongoing supply cuts led by producer club...
Read more »
Oil set for strongest quarter in a decade on OPEC cuts, sanctionsOil prices rose on Friday on the back of ongoing OPEC-led supply cuts and U.S. s...
Read more »
Exclusive: OPEC struggles to keep Russia on board with oil cut, may offer shorter extensionSaudi Arabia is having a hard time convincing Russia to stay much longer in an O...
Read more »
Trump demands that OPEC produce more oil as prices get 'too high'Trump called on OPEC to produce more oil, warning the organization that oil prices are climbing “too high” ahead of the producers’ June meeting to decide whether to extend output cuts
Read more »
Oil edges up on supply cuts, but recession fears cap marketOil prices edged up on Tuesday, lifted by supply cuts led by producer club OPEC ...
Read more »
Canada's Imperial Oil resumes shipping crude by railCanadian crude producer Imperial Oil has recently resumed shipping crude oil by ...
Read more »
Pemex imports crude in February, despite president's aversionMexican state oil company Pemex imported crude oil in February despite the new p...
Read more »
Oman oil minister excited to be part of Sri Lanka oil refinery projectOman's oil minister said on Sunday he was excited to be part of a Sri Lanka...
Read more »
Oman oil minister says excited to be part of Sri Lanka oil refinery projectOman oil minister Mohammed bin Hamad Al Rumhy said on Sunday he was excited to b...
Read more »