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Crude Rises 1% on Saudi commitment to withhold output – outlook Strong -

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    • Crude Rises 1% on Saudi commitment to withhold output – outlook Strong
Feb, 15th 13:25

Oil prices rose by around 1 percent on Thursday to extend gains from the previous session, lifted by a weak dollar and Saudi comments that it would rather see an undersupplied market than end a deal with OPEC and Russia to withhold production.

U.S. West Texas Intermediate (WTI) crude futures were up 52 cents, or 0.86 percent, from their last settlement at $61.12 a barrel at 10:08 am GMT, adding to a 2.4-percent gain from the day before.

Brent crude futures were at $64.99 per barrel, up 63 cents, or 1 percent, extending Wednesday’s 2.6-percent climb.

The OPEC-led effort to tighten markets is showing results. In Asia, the world’s biggest and fastest-growing oil consumer region, storage tanks around Singapore’s trading hub have depleted significantly over the past half-year.

However, threatening to undermine the OPEC-led effort to tighten markets is soaring production in the United States, which is not participating in the pact to cut.

U.S. crude oil production rose to a record 10.27 million barrels per day (bpd), more than top exporter Saudi Arabia pumps and within reach of No.1 producer Russia.

Consequently, U.S. crude inventories climbed by 1.8 million barrels in the week to Feb. 9, to 422.1 million barrels, the Energy Information Administration said on Wednesday.

On the technical charts, WTI crude is trading in the positive zone, just above the 9 day EMA. The RSI is placed at 44.80 and the MACD is below the signal line, but ready to make a positive crossover above the signal line.

Trade suggestion:

Buy digital Call options between 61.27 and 61.58, valid until 23:00 GMT 15th February 2018