DAILY COMMODITY MARKET STRATEGY- 22 Mar 2016
Oil prices pushed higher today, building on last week's rally, despite fresh oversupply concerns on an increase in US rigs output, analysts said. Last week's gains lifted US benchmark West Texas Intermediate (WTI) above USD 40 for the first time since December, buoyed by a sharp drop in the dollar and revived optimism that producers would strike a deal to freeze output.
Brent North Sea crude for May delivery won 14 cents to USD 41.34 a barrel compared with Friday's close. Analysts said US data had taken the steam out of recent sharp gains. "The weekly rig count for the US reflected an increase for the first time after 12 weeks of cuts," said EY analyst Sanjeev Gupta.
Prices had rallied last week after Qatar's energy minister Mohammed al-Sada said that exporters from within and outside the OPEC cartel would meet April 17 in Doha, stoking hopes of an agreement to ease a global supply glut.
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