29Feb
PalmOil

Oil prices rise in early Asian trade Monday, signs mount market bottoming out

SINGAPORE :

  • Crude futures rose in early trading on Monday after gaining over 15 percent last week, with some indicators pointing to the possibility the market is showing signs of bottoming out.
  • International Brent futures had climbed around half a dollar, or 1.4 percent, from their last close to $35.58 per barrel at 8.41 p.m. ET on Monday.
  • U.S. West Texas Intermediate crude futures were up 18 cents at $32.96 a barrel after gaining over 15 percent the previous week.
  • Analysts said that first signs of a strengthening market outlook were appearing after a 20-month rout that has seen prices fall by 70 percent.
  • “The U.S. crude market also seems to have passed the worst point and crude runs should start creeping higher taking pressure off inventory levels. The latest EIA data on U.S. production is also supportive as it indicates that the low prices are finally having an impact,” said Richard Gorry, director of JBC Energy Asia.

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