{"id":6197,"date":"2016-03-28T18:13:53","date_gmt":"2016-03-29T00:13:53","guid":{"rendered":"http:\/\/nrgibroker.com\/?p=6197"},"modified":"2016-08-21T21:04:59","modified_gmt":"2016-08-22T02:04:59","slug":"oil-prices-edge-up-on-lower-us-rig-numbers","status":"publish","type":"post","link":"https:\/\/nrgibroker.com\/en\/oil-prices-edge-up-on-lower-us-rig-numbers\/","title":{"rendered":"Oil prices edge up on lower US rig numbers"},"content":{"rendered":"

Oil\u00a0prices edged up in Asia on Monday, recovering slightly from last week\u00a0s decline, but\u00a0analysts\u00a0said traders would likely delay any\u00a0big moves\u00a0until next month\u00a0s meeting of key producers.<\/span><\/h3>\n

Hopes for an agreement between Russia, Saudi Arabia and other crude giants to at least freeze output sent both main contracts racing above $40 earlier this month, helped by a dive in the strength of the dollar.<\/span><\/h3>\n

At around 0620 GMT US benchmark West Texas Intermediate was up\u00a050 cents, or 1.27 percent, to $39.96. Brent was up 45 cents, or 1.11 percent, at $40.89.<\/span><\/h3>\n

Members of the Organization of the Petroleum Exporting Countries (OPEC) and key non-members led by Russia are due to discuss a proposed output freeze at a meeting in Doha on April 17.<\/span><\/h3>\n

Bernard Aw at IG Markets told AFP a dip in the number of US\u00a0oil\u00a0rigs in operation provided some buying incentives, although business had been slim due to the long Easter break across most world markets.<\/span><\/h3>\n

However, he warned that \u201cthe fundamental picture of\u00a0oil\u00a0is still a little bit bearish\u201d owing to a global supply glut and a slowdown in the global economy, particularly China.<\/span><\/h3>\n

\u201cEverything hinges on the meeting between OPEC and non-OPEC producers,\u201d Aw said. \u201cIf it takes place and they come to some agreement of a production freeze, we could see some gains well beyond $40.\u201d<\/span><\/h3>\n

Qatar\u00a0s energy minister Mohammed al-Sada, who also serves as OPEC president, earlier said the initiative was backed by 15 countries accounting for 73 percent of worldwide output.<\/span><\/h3>\n

Sanjeev Gupta, who heads the Asia-Pacific\u00a0oil\u00a0and gas practice at professional services firm EY, said traders would also be looking at upcoming US and Chinese economic data for direction.<\/span><\/h3>\n

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\"shutterstock_378249955\"<\/a><\/span><\/h3>\n

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Copyright: Pakistantoday<\/a><\/strong><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"

Oil\u00a0prices edged up in Asia on Monday, recovering slightly from last week\u00a0s decline, but\u00a0analysts\u00a0said traders would likely delay any\u00a0big moves\u00a0until next month\u00a0s meeting of key producers. Hopes for an agreement between Russia, Saudi Arabia and other crude giants to at least freeze output sent both main contracts racing above $40 earlier this month, helped by […]<\/p>\n","protected":false},"author":1,"featured_media":6208,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1017],"tags":[504,629,208],"class_list":["post-6197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-oilmarket","tag-contries","tag-oil"],"_links":{"self":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/6197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/comments?post=6197"}],"version-history":[{"count":0,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/6197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media\/6208"}],"wp:attachment":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media?parent=6197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/categories?post=6197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/tags?post=6197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}