Oil edges up after six days of straight losses

That brought the total count to 688, the most since September 2015, underlining concern that an ongoing rebound in USA shale production could derail efforts by other major producers to rebalance global oil supply and demand. The OPEC committee concluded that a six-month renewal to the output-cut deal is needed, delegates with knowledge of the matter said.

US gasoline futures fell about 1.4 percent, leading the energy complex lower, as refiners ramp up production after seasonal maintenance and on demand worries, traders said.

The renewed concerns of pick-ups in U.S production came after the week of April 21, in which USA companies added oil rigs for a 14th week in a row, to 688 rigs total. Saudi Arabia and Kuwait signalled last week they were ready to prolong cuts.

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Benchmark Brent crude was 0.64 per cent higher at $52.29 per barrel while West Texas Intermediate prices were 0.67 per cent higher at $49.95 a barrel at time of publishing.

Floating storage is a clear indicator of oversupplied markets.

WTI for June delivery rose as much as $0.60 to $50.22/bbl on the NYME, and was at $50.09 in London. Total volume traded was about 5 per cent above the 100-day average.

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Oil had retreated below $50 a barrel amid concern rising U.S. crude production will offset efforts by the Organization of Petroleum Exporting Countries to trim a global glut.

Crude palm oil prices were up by 0.35 per cent to Rs 493.50 per 10 kg in futures trade today as speculators enlarged positions, driven by rising demand at spot market and restricted supplies from producing regions. In France, Macron securing a spot in the second round avoids a contest between the anti-European Union Marine Le Pen and the Communist-backed Jean-Luc Melenchon, curbing threats to the euro zone and encouraging investors to embrace more risk.

Capping the doldrums is overall distrust of OPEC and its allies: John Kilduff, founding partner of Again Capital, remarked, "There was a narrative that the OPEC/non-OPEC cuts would be effective and balance the market; the narrative unraveled by the end of the week".

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"If OPEC doesn't extend those cut agreements, oil prices will fall under much more pressure".


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