Oil prices jumped more than 10 per cent in March in the best quarter since mid-2015 although some analysts said the rally could fade soon as an output freeze plan by major crude exporters fails to alleviate worries of a glut.
A weak dollar and data showing a drawdown in crude stocks at the US futures delivery hub helped oil settle steady to firmer in Thursday’s session.
Brent crude for May delivery, which expired as the front-month contract, settled up 34 cents, or 0.8 per cent, at $39.60 a barrel. June Brent closed 0.7 per cent higher at $39.75.
The benchmark’s front-month soared 10 per cent higher in March – its best month since April 2015 – and jumped 6 per cent in the first quarter – its best quarter since the second quarter in 2015.
US crude futures settled at $38.34, up 2 cents on the day, rising 14 per cent in March and 4 per cent in the quarter – also its biggest quarterly gain since June 2015.
In a Reuters poll, oil analysts raised their average price forecasts for 2016 for the first time in 10 months – Brent averaging $40.90 and US crude $39.70 in 2016 – but cautioned the rally could fade near term.
Total US crude stocks, however, rose 2.3 million barrels last week to 534.8 million barrels, a record high for a seventh straight week.
OPEC crude output rose in March to 32.47 million barrels per day from 32.37 million bpd in February, a Reuters survey said.
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