Oil Price Climbs to 2-Month High on New Production Deal

Mar 03, 2016, 18:27

Brent for May settlement was 41 USA cents higher at at US$36.98 a barrel on the London-based ICE Futures Europe exchange. Meanwhile, US oil and gas companies also lowered their shale oil production.

Saudi Arabia has kept output steady compared with January at 10.20 million bpd, sources in the survey said, citing stable exports in much of February.

Light, sweet crude advanced 65 cents, or 1.88 pct, at $34.40 per barrel on the New York Mercantile Exchange, the biggest rise since January 5. Only in mid-February, WTI fell to a 2003 low of $26.05.

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"We saw better data than expected on manufacturing and I think that's the fundamental shift that's helping at least the USA get more bullish about oil", said Michael McCarthy, chief market strategist at derivatives dealer CMC Markets in Sydney.

The price of both USA and worldwide crude oil benchmarks has been fluctuating this morning following news from the Energy Information Administration that crude stockpiles grew by more than 10 million barrels last week. S. crude futures moved up twenty-one percent or more ending the month with its highest level of closing in four weeks.

Brent oil prices surged past the $37-mark on Tuesday, soaring to $37.25 a barrel intra-day as the proverbial tide in commodities sentiment seems to have turned positive. Mehdi Asali, Iran's envoy to the Organization of Petroleum Exporting Countries (OPEC), was reported to have said that they would not freeze production, as at the time that sanctions were placed on it, other producers increased production rates and grabbed Iran's market share.

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The International Energy Agency's oil division head, Neil Atkinson, said on Tuesday oil prices had "bottomed out" and were set to rise throughout this and next year. Russian oil producers met with President Vladimir Putin to pledge support for a plan agreed with Saudi Arabia and other nations to freeze output at January levels.

For now, it is highly unlikely that these countries will actually agree to jointly stem the world's oversupply of oil....

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"The total oil rig count is now falling below that required to sustain oil production and as a result production levels are beginning to fall", brokerage Banchero Costa said, adding that US 2016 oil production would fall 5 percent from the previous year to 8.7 million bpd.

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