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.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.