Oil prices rise on lower US rig numbers

AFP, SINGAPORE: Oil prices edged up in Asia yesterday, recovering slightly from last week’s decline, but analysts said traders would likely delay any big moves until next month’s meeting of key producers.
Hopes for an agreement between Russia, Saudi Arabia and other crude giants to at least freeze output sent both main contracts racing above $40 earlier this month, helped by a dive in the strength of the dollar.
However, some of those gains were chipped away last week as talk of a possible US interest rate rate lifted the dollar—making oil more expensive—and a report showed another jump in US crude stockpiles.
At around 0620 GMT US benchmark West Texas Intermediate was up 50 cents, or 1.27 per cent, to $39.96. Brent was up 45 cents, or 1.11 per cent, at $40.89. Members of the Organization of the Petroleum Exporting Countries (OPEC) and key non-members led by Russia are due to discuss a proposed output freeze at a meeting in Doha on April 17.
Bernard Aw at IG Markets told AFP a dip in the number of US oil rigs in operation provided some buying incentives, although business had been slim due to the long Easter break across most world markets.

Oil prices rise on lower US rig numbers

AFP, SINGAPORE: Oil prices edged up in Asia yesterday, recovering slightly from last weeks decline, but analysts said traders would likely delay any big moves until next months meeting of key producers. Hopes for an agreement between Russia, Saudi Arabia and other crude giants to at least freeze output sent both main contracts racing above $40 earlier this month, helped by a dive in the strength of the dollar. However, some of those gains were chipped away last week as talk of a possible US interest rate rate lifted the dollarmaking oil more expensiveand a report showed another jump in US crude stockpiles. At around 0620 GMT US benchmark West Texas Intermediate was up 50 cents, or 1.27 per cent, to $39.96. Brent was up 45 cents, or 1.11 per cent, at $40.89. Members of the Organization of the Petroleum Exporting Countries (OPEC) and key non-members led by Russia are due to discuss a proposed output freeze at a meeting in Doha on April 17. Bernard Aw at IG Markets told AFP a dip in the number of US oil rigs in operation provided some buying incentives, although business had been slim due to the long Easter break across most world markets.