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