Investors raised their bets on rising Brent crude oil prices to a new high last week, data from the InterContinental Exchange showed on Monday, breaking the 500,000-lot mark for the first time on record. New York — Oil prices edged higher on Monday as investors showed record confidence that prices would rise further, though gains were capped by the prospect of faster growth in US oil production. On its second to last day as the front-month contract, Brent futures for April delivery were up 16c, or 0.3%, at $56.15 a barrel by 4:24pm. OPEC's record compliance with the deal has surprised the market, and the biggest laggards, the United Arab Emirates and Iraq, have pledged to catch up with their targets. Investors now hold 951,312 lots' worth of US and Brent crude futures and options, equivalent to nearly 1bn barrels of oil valued at more than $52bn, based on current Brent and WTI benchmark prices.
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Investors raised their bets on rising Brent crude oil prices to a new high last week, breaking the 500,000-lot mark for the first time on record, data from the InterContinental Exchange showed. Opec's record compliance with the deal has surprised the market, and the biggest laggards, the United Arab Emirates and Iraq, have pledged to catch up with their targets. Oil prices ended little changed on Monday as the prospect for US crude production to continue growing offset reports of high compliance to the Opec production cut agreement and record bullish bets that prices would rise further. [NEW YORK] Oil prices ended little changed on Monday as the prospect for US crude production to continue growing offset reports of high compliance to the Opec production cut agreement and record bullish bets that prices would rise further. A Reuters survey of Opec production later this week will show compliance for February.
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collected by :Jack Luxor
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Oil prices slip as rising U.S. supplies offset OPEC cuts
REUTERS/Andrew Cullen/File PhotoNEW YORK Oil prices slipped on Tuesday but kept trading in a tight range, as concerns about rising U.S. crude inventories ahead of data overshadowed OPEC production cuts. Underlying the high compliance to the deal, Iraq trimmed exports of Kirkuk crude oil to help meet its output target. While the Nov. 30 agreement to reduce production prompted oil prices to rise $10 a barrel, they have been trading in a narrow $3 range in recent weeks. U.S. crude stockpiles have risen for seven straight weeks. [EIA/PSM] The market has been looking to the weekly rig count report for a more timely picture of U.S. crude production.Investors raised their bets on rising Brent crude oil prices to a new high last week, breaking the 500,000-lot mark for the first time on record, data from the InterContinental Exchange showed. Opec's record compliance with the deal has surprised the market, and the biggest laggards, the United Arab Emirates and Iraq, have pledged to catch up with their targets. Oil prices ended little changed on Monday as the prospect for US crude production to continue growing offset reports of high compliance to the Opec production cut agreement and record bullish bets that prices would rise further. [NEW YORK] Oil prices ended little changed on Monday as the prospect for US crude production to continue growing offset reports of high compliance to the Opec production cut agreement and record bullish bets that prices would rise further. A Reuters survey of Opec production later this week will show compliance for February.
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collected by :Jack Luxor
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