Tags
Reuters/New York
Oil prices rallied sharply on Monday, erasing earlier losses on data showing contracting US production and Opec willingness to talk with other producers about falling prices.
Crude futures rebounded after retreating early Monday on concerns about China's economy that pressured global equities along with a global supply glut.
After crude futures ended last week with the biggest two-day rally in six years, trading was volatile on Monday as a British public holiday curbed volume.
US domestic crude oil production peaked at just above 9.6mn barrels per day (bpd) in April before falling by more than 300,000 bpd over the following two months, Energy Information Administration (EIA) data showed on Monday.
Excess supply has weighed on oil, with Opec's forecasts pointing to an oversupply of more than 2mn bpd.
Opec expressed concern on Monday about oil's price drop and said the group is ready to talk to other producers about it.
"The EIA data showed US production may be responding to lower prices more than thought and the Opec comments are supportive" said Phil Flynn, analyst at Price Futures Group in Chicago.
Brent October crude was up $2.50 at $52.55 a barrel at 11:57 a.m. EDT (1557 GMT), having swung from $48.25 to $52.70.
Brent needs to finish above $52.21 to avoid a fourth straight monthly loss.
US October crude was up $2.45 at $47.67, trading from $43.60 to $47.88.
A finish above $47.12 would prevent US crude posting a loss in August.
There are no comments.
SPORT Saying goodbye is never easy, especially when you are saying farewell to those that have left a positive impression. That was the case earlier this month when Canada hosted Mexico in a friendly at BC Place stadium in Vancouver.
TECHNOLOGY Some 60mn primary-school-age children have no access to formal education
CULTURE Lekhwiya’s El Arabi scores the equaliser after Tresor is sent off; Tabata, al-Harazi score for QSL champions
ARABIA The Yemeni Minister of Tourism, Dr Mohamed Abdul Majid Qubati, yesterday expressed hope that the 48-hour ceasefire in Yemen declared by the Command of Coalition Forces on Saturday will be maintained in order to lift the siege imposed on Taz City and ease the entry of humanitarian aid to the besieged
ARABIA Some 200 teachers from schools across the country attended Qatar Museum’s (QM) first ever Teachers Council at the Museum of Islamic Art (MIA) yesterday.
ARABIA The Supreme Judiciary Council (SJC) of Qatar and the Indonesian Supreme Court (SCI) have signed a Memorandum of Understanding (MoU) on judicial co-operation, it was announced yesterday.
ECONOMY Sri Lanka is keen on importing liquefied natural gas (LNG) from Qatar as part of government policy to shift to clean energy, Minister of City Planning and Water Supply Rauff Hakeem has said.
