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Oil prices rebound to $65

March 13, 2018 01:31·
Opec headquarters in Vienna. The International Energy Agency said that Saudi Arabia and Angola’s capacity to pump crude will fall more deeply in the next few years than any other members in Opec

Opec headquarters in Vienna. The International Energy Agency said that Saudi Arabia and Angola’s capacity to pump crude will fall more deeply in the next few years than any other members in Opec

"Brent crude futures were at $65.70 per barrel, up 21 cents, or 0.3 per cent, from their previous close".

"A falling rig count and the strong employment data may have helped support prices", said William O'Loughlin, investment analyst at Rivkin Securities.

The news is expected to be light on Monday so most traders expect the price action to be driven by the U.S. Dollar and appetite for risk.

The reduction came as gross short positions on the New York Mercantile Exchange climbed to their highest level in almost a month.

US West Texas Intermediate (WTI) crude futures were at $62.10 a barrel at 4.07am GMT, up 6c or 0.1%.

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Traders attributed the recent increase to a drop in the number of USA drilling rigs for production and the reported job increase in the United States which is expected to push fuel demand higher.

Despite the drop in the rig count, which is often used an as early indicator of future production, activity remains much higher than a year ago when just 617 rigs were active.

"Permian and Bakken shale basins still saw active oil rigs rising by two and three last week, respectively, and are likely to keep U.S. oil production on (an) increasing trend", ING said. Crude oil prices could weaken if the dollar rallies and stocks weaken.

Iran will press for carefully bringing back some of its own production, the WSJ cited Zanganeh as saying, adding the OPEC member now pumps about 3.8 million barrels per day (bpd) and could produce about 100,000 bpd more.

Opec and a group of other producers led by Russian Federation have been withholding production since the start of 2017 to prop up prices.

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