12 Apr 2016
WTI extends gains, approaches $42.00/bbl
Oil prices rallied during the New York session, with WTI advancing more than 3%, amid news Saudi Arabia and Russia have reached a consensus to freeze oil production.
Crude oil for May delivery rose sharply to a fresh year-to-date high of $41.94 a barrel before easing slightly. It was last trading up 3.5% at $41.78 a barrel on the New York Mercantile Exchange. Brent was 3.9% up at $44.50 a barrel.
Also supporting the advance in prices were news EIA has raised its forecast for 2016 world oil demand by 10k barrels per day (bpd) to 1.16mln bpd and also increased its forecast for 2017 by 120k bpd to 1.33mln bpd.
Crude oil for May delivery rose sharply to a fresh year-to-date high of $41.94 a barrel before easing slightly. It was last trading up 3.5% at $41.78 a barrel on the New York Mercantile Exchange. Brent was 3.9% up at $44.50 a barrel.
Also supporting the advance in prices were news EIA has raised its forecast for 2016 world oil demand by 10k barrels per day (bpd) to 1.16mln bpd and also increased its forecast for 2017 by 120k bpd to 1.33mln bpd.