Benchmark West Texas Intermediate oil ended higher on Monday after data showing a partial draw in stockpiles at the delivery point for U.S. crude helped steady a market weighed earlier by near record highs in Saudi production.
After a volatile trading session, U.S. crude for May settled up 64 cents, or 1.2 percent, at $56.38 a barrel. Brent crude gave up earlier gains to trade down 13 cents to $63 a barrel. I hit a intraday peak of $64.34.
Tensions in the Middle East and a drop last week in the number of rigs drilling for oil in the United States also put a floor beneath U.K. North Sea Brent and U.S. crude futures, traders said.
Production in the world's biggest crude exporter would stay near record peaks around 10 million bpd in April, Saudi Arabia's oil minister, Ali al-Naimi, told Reuters on Monday in Seoul, where he was due to attend a board meeting of the state oil firm Saudi Aramco.
"I have said many times we will always be happy to supply to our customers with what they want. Now they want 10 million," he said.
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.