Oil prices extend gains

AFP, LONDON: Oil prices rose yesterday, extending a recovery on efforts to tackle a global supply glut.   
At about 1130 GMT, US benchmark West Texas Intermediate (WTI) for delivery in April was up 64 cents at $39.10 a barrel.
Brent North Sea crude for May delivery climbed 59 cents to $40.92 a barrel compared with Wednesday’s close. Phillip Futures analyst Daniel Ang doubted that the rally would last. “The fundamentals for oil are still weak unless OPEC or the other major oil producers do something next month”
 on tackling a supply glut, he told AFP.
Qatar’s energy minister Mohammed al-Sada on Wednesday said that oil exporters from within and outside the OPEC cartel will meet April 17 in Doha to discuss the market situation.
The initiative is backed by 15 countries accounting for about 73 per cent of worldwide output, said the minister, who also serves as president of the Organization of Petroleum Exporting Countries.
Russian Energy Minister Alexander Novak, who supports the initiative, said Iran had indicated that it is “ready to participate” in the meeting, days after Tehran had warned it would not consider any limits until it had roughly doubled production to four million barrels a day.

Oil prices extend gains

AFP, LONDON: Oil prices rose yesterday, extending a recovery on efforts to tackle a global supply glut. At about 1130 GMT, US benchmark West Texas Intermediate (WTI) for delivery in April was up 64 cents at $39.10 a barrel. Brent North Sea crude for May delivery climbed 59 cents to $40.92 a barrel compared with Wednesdays close. Phillip Futures analyst Daniel Ang doubted that the rally would last. The fundamentals for oil are still weak unless OPEC or the other major oil producers do something next month on tackling a supply glut, he told AFP. Qatars energy minister Mohammed al-Sada on Wednesday said that oil exporters from within and outside the OPEC cartel will meet April 17 in Doha to discuss the market situation. The initiative is backed by 15 countries accounting for about 73 per cent of worldwide output, said the minister, who also serves as president of the Organization of Petroleum Exporting Countries. Russian Energy Minister Alexander Novak, who supports the initiative, said Iran had indicated that it is ready to participate in the meeting, days after Tehran had warned it would not consider any limits until it had roughly doubled production to four million barrels a day.