Oil ends up 6% on lower shale output bet, equity rally
Oil markets settled up as much as 6 per cent on Monday as speculation about falling US shale output and a rally in equities fed the notion that crude prices may be bottoming after a 20-month collapse.
Oil got a further boost after the International Energy Agency, the world’s oil consumer body, said US shale oil production could fall by 600,000 barrels per day (bpd) this year and another 200,000 bpd in 2017.
US crude futures settled up $1.84, or 6 per cent, at $31.48 a barrel, rallying above $32 at one point.
The rally benefited from bids to narrow the discount of the expiring front-month contract in US crude to the second month, traders said. The March contract settled almost $2 a barrel lower than April, which would be the front-month from Tuesday.On Friday the discount was more than $2.
Futures of Brent finished up $1.68, or 5 per cent, at $34.69.
For more information ✆ – 0731-6642300 or Visit http://www.epicresearch.co
| Option Tips | Nifty Futures Tips | Forex Tips | MCX Tips | Stock Futures Tips |
Connect with our social media sites
| YouTube | Google+ |
No comments:
Post a Comment