SINGAPORE : Oil prices nudged higher in early Asian trade on Monday, supported by the prospect of tighter supplies from OPEC+ producers from May, but concerns about the global economic outlook capped gains.Brent crude futures gained 13 cents, or 0.2 per cent, to $85.25 a barrel by 2356 GMT, while U.S. Wes
SINGAPORE : Oil prices nudged higher in early Asian trade on Monday, supported by the prospect of tighter supplies from OPEC+ producers from May, but concerns about the global economic outlook capped gains.
Both contracts rose for a third straight week last week, returning to levels last seen in November, after the Organization of the Petroleum Exporting Countries and their allies surprised investors by announcing more production cuts that will start in May.Following the announcement, top exporter Saudi Arabia raised its May crude prices to term customers in Asia and the United States.
Further supporting prices, the number of U.S. oil rigs fell by two to 590 last week, while gas rigs dropped by two to 158, according to a Baker Hughes Co report on Thursday, a sign that U.S. production won't be rising in the near term.
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