Quentin D. Solano
All posts from Quentin D. Solano
Quentin D. Solano in Breaking news,

Oil prices resume push higher, Brent atop $52 a barrel

Getty Images

Oil is getting ready for another up week

Oil prices added to last week’s big gains, with Brent crude hitting fresh two-month highs early Monday amid further signs that U.S. oil production is slowing down. But some analysts caution the rally might lose steam soon. Crude rose every day last week, in the process logging 2017’s biggest weekly gain. The move was started by renewed commitment from the Organization of the Petroleum Exporting Countries to hold down output and exports. Following that was upbeat U.S. readings on the inventory, production and drilling-activity fronts. “Fundamentals continue to suggest a more-balanced crude-oil market,” said ANZ. The bank also noted the front end of the oil-market curve has shifted into backwardation — when prices for nearby delivery are higher than those in the future. That’s a sign that immediate demand is healthy and the market is tightening.