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OPEC supply section, US drilling activity in focus



Oil prices rose on Monday, lifted by comments by Saudi oil minister Khalid al-Falih that an end to OPEC-led supply savings was unlikely before June, and a report showing a fall-US drilling activity.

U.S. The rest of crude oil production in West Texas (WTI) was $ 56.39 per barrel at 0323 GMT, up 32 cents, or 0.6 percent from their last close.

Burnt raw futures were $ 65.04 per barrel, up 30 cents or 0.5 percent.

Despite the gains, markets were somewhat withheld after the US employment data increased, implying that economic downturn in Asia and Europe was in the US, where growth has so far been healthy.

"Downward revisions in global growth forecasts from the OECD and the ECB have been thanks to bullish gains," says Benjamin Lu from Singapore-based broker Phillip Futures. OPEC) and some non-affiliated allies such as Russia, known as the OPEC + Alliance.

OPEC + has pledged to cut 1

.2 million barrels per day (bpd) in raw supplies since the beginning of the year to tighten markets and maintain prices 19 659003] The group meets in Vienna on April 17-18, with another gathering scheduled June 25th to June 26th to discuss the supply policy.

Saudi oil minister Khalid al-Falih told Reuters on Sunday that it would be for early to switch OPEC + starting policy at the group's meeting in April.

"We want to see what happens in April, if there are any unforeseen disturbances elsewhere, but excludes this, I think we just say calmly kicking canes, "Falih said. 19659003] Prices were also supported by US energy services firm Baker Hughes & # 39; last weekly report showing the number of rig drilling for new US oil production fell by nine to 834.

High drilling activity last year resulted in more than Production increased by 2 million bpd, to 12.1 million bpd this reached in February, making the USA the world's largest crude oil producer in front of Russia and Saudi Arabia.

The decline in drilling indicates a more sharp growth in production going forward, but because t the total drilling level is still relatively high despite the recent decline, many analysts still expect the US crude product to rise above 13 million bpd soon.

"This is the third straight week of decline … after a number of oil producers trimmed spending for 2019," ANZ bank said on Monday.


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