India records lowest crude oil production in 7 years - PPAC

Markets Insider

Oil advanced in the worldwide markets after Chinese President Xi Jinping's conciliatory tone in a closely watched speech raised hopes that US-China trade tensions may ease, lifting risk assets around the world.

Oil is losing steam after rising more than 5 per cent last month as Mr Trump repeatedly raised the stakes against China, rattling markets in recent weeks. -China tensions appeared to ease, but concerns over US production growth lingered in the wake of a hefty weekly rise in domestic rig activity.

"Investors may start pricing in a much higher risk premium", said Hussein Sayed, chief market strategist at FXTM.

U.S. West Texas Intermediate crude futures were at $63.81 a barrel, up 39 cents, or 0.6 percent. Prices fell 2.3 per cent to US$62.06 on Friday, the lowest close since March 19.

Oil markets stabilised on Monday after slumping around 2 percent last Friday on concerns over an intensifying trade dispute between the United States and China, as well as increased US drilling activity.

The crude oil price rises had come "amid easing apprehensions of a trade war between the United States and China", said Sukrit Vijayakar, director of energy consultancy Trifecta.

Markets Insider
Markets Insider

The Organization of the Petroleum Exporting Countries and 10 countries outside the oil cartel, including Russian Federation, have been holding back crude output by 1.8 million barrels a day since the start of past year.

In physical oil markets, OPEC's number two producer Iraq said on Monday that it is keeping prices for its crude supplies in May steady.

Oil prices fell about 2 per cent on Friday after USA president, Donald Trump threatened new tariffs on China, reigniting fears of a trade war between the world's two largest economies that could hurt global growth.

USA crude inventories fell by 4.6 million barrels last week, compared with analysts' expectations for an increase of 246,000 barrels, EIA data showed on Wednesday.

Before the rebound late on Wednesday, after the release of the Energy Information Administration (EIA) inventory data, WTI and Brent had hit two-week lows after China proposed a broad range of tariffs on USA exports, feeding fears of a trade war. The Energy Information Administration will also release its monthly short-term energy outlook report Tuesday and weekly USA petroleum-supply data Wednesday. The U.S. also announced new sanctions on Russia Friday.

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