Oil held near $53 a barrel in New York as Kuwait’s oil minister predicted a price rebound will continue amid a shrinking surplus.
Futures were little changed after rising 3.1 percent on Feb. 13. Floor trading was closed on Monday for a holiday. Prices have recovered faster than expected and will continue to improve, according to Ali Al-Omair, the oil minister for the third-biggest producer in the Organization of Petroleum Exporting Countries. The market is shifting its focus to tightening supply, Standard Chartered Plc said in a report.
Oil is rebounding from the lowest prices in almost six years as U.S. drillers cut the number of rigs in service to the fewest since August 2011. The decline is still not enough to halt production growth, according to Goldman Sachs Group Inc. The nation’s rising output contributed to an almost 50 percent slump in crude in 2014.