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05-Mar2019

Crude oil futures end higher on Monday

Crude oil futures ended higher on Monday as the Organization of the Petroleum Exporting Countries (OPEC) and its allies continue to cut back on crude production. Meanwhile, Russian Energy Minister Alexander Novak said that Russia will bring its oil production cut to 228,000 barrels a day from the October level. Some support also came in on expectations that the US-China trade talks would be beneficial to global economic growth, gave way to the reversal in equity markets that created a risk off atmosphere. Traders have been eyeing prospects for a US and China trade deal, which could be reached as early as this month. Beijing has offered to lower tariffs and other restrictions on American farm, chemical, auto and other products, while Washington is considering removing most, if not all, sanctions levied against Chinese products since last year.

Benchmark crude oil futures for April rose 79 cents or 1.4 percent to settle at $56.59 a barrel on the New York Mercantile Exchange. May Brent crude gained 60 cents or 0.9 percent to settle at $65.67 a barrel on London's Intercontinental Exchange.


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