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NYMEX – Oil extends gains, Brent hits 8-week high

TOKYO, Feb 16 – U.S. crude futures rose for a third straight session, while Brent hit an eight-week high above $62 a barrel after another drop in the U.S. rig count signaled the pressure producers face from low oil prices.

FUNDAMENTALS

  • NYMEX crude for March delivery was up 43 cents at $53.21 a barrel by 2353 GMT, after settling up $1.57 on Friday. It hit a one-week high of $53.69 earlier.

U.S. markets are shut on Monday for the Presidents’ Day holiday.

  • London Brent crude for April delivery was up 53 cents at $62.05 a barrel, after settling up $2.24 on Friday. The contract rose as high as $62.32, an eight-week high.
  • The number of oil drilling rigs in the United States fell to its lowest since August 2011, data showed on Friday.
  • Many traders and analysts believe there is a global oversupply of nearly two million barrels per day of crude oil. They say little has changed fundamentally to explain the price rebound of the past two weeks.
  • Libya’s El Sarir oil field is still unable to pump oil to Hariga port after sabotage on a pipeline just north of the field where repairs are ongoing, an oil official said on Sunday.
  • Production on a 240,000 barrels-per-day (bpd) crude distillation unit (CDU) at Exxon Mobil Corp’s 344,600 bpd Beaumont, Texas, refinery has been reduced due to thinned piping, said sources familiar with operations at the plant.
  • China’s growth in broad money supply slumped to its lowest on record in January even as new yuan loans hit a 5-1/2-year high, boosting bets that Beijing may further loosen monetary policy to avert a sharper economic slowdown.
  • Money managers raised their net long U.S. crude futures and options positions in the week to February 10, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

MARKETS NEWS

  • The S&P 500 index closed at a record high on Friday, as energy shares gained with oil prices.
  • Sterling scaled a six-week peak early on Monday following recent hawkish-sounding comments from the Bank of England, while the other major currencies were subdued in a holiday-riddled week.

DATA/EVENTS

  • The following data is expected on Monday: (Time in GMT)
  • n/a China Foreign direct investment Jan
  • 1000 Euro zone Eurostat trade Dec

(Reporting by Osamu Tsukimori; Editing by Ed Davies) Copyright (2015) Thomson Reuters.

This article was from Reuters and was legally licensed through the NewsCred publisher network.

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