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Thursday, April 7, 2016, Chaitra 24, 1422 BS, Jamadius Sani 28, 1437 Hijri

Oil up as Kuwait revives hope for output freeze deal
Published :Thursday, 7 April, 2016,  Time : 12:00 AM  View Count : 11

SINGAPORE, April 6: Oil prices climbed in Asia Wednesday after Kuwait said an agreement to freeze output during a producers' meeting this month could still be reached despite conflicting statements by participants.
But analysts said the rebound would not likely last owing to a painful supply glut and weak demand caused by the slowing world economy.
At around 0430 GMT Wednesday, US benchmark West Texas Intermediate for delivery in May was up 97 cents, or 2.70 per cent, at $36.86 and Brent crude for June was 68 cents, or 1.80 per cent, higher at $38.55.
Both contracts eked out an increase on Tuesday, but prices are still well below the $40 level reached last month following a rally driven by hopes of an agreement during the April 17 producers' meeting in Doha.
Prices dived after Saudi deputy crown prince Mohammed bin Salman said last week his country will only agree to limit output if rival producers such as Iran followed suit.    ?AFP

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