Economy

Oil rises to $52 as Saudi, Russia back longer supply cut

Oil rises to $52 as Saudi, Russia back longer supply cut

OPEC and the non-OPEC countries meet to decide policy on May 25 in Vienna, and OPEC has also invited two small producers not involved in the original deal, Egypt and Turkmenistan, to attend.

Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak said in a statement they would "do whatever it takes" to reduce the inventory overhang, using a phrase coined by European Central Bank President Mario Draghi five years ago in his successful bid to defend the euro.

"I think that the outlook is promising", he said during a press conference Monday.

Oil prices have gained support from the supply cut pact but high inventories and rising USA production have acted as a brake on the recovery.

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The announcement was made on Monday by Alexis Kohler, Macron's new general secretary at the presidential Elysee Palace. A newcomer to worldwide diplomacy, Macron has assumed control of a nuclear power with a permanent seat on the U.N.

Brent crude was US$51.88 per barrel at 2.55pm Singapore time, up 2.1 per cent from its last close, at a level last seen early this month.

Goldman analysts said in a note that while the support for an extension helped boost oil prices, "the rally so far today has remained modest compared to the move that occurred previous year when the OPEC cuts were first announced".

The oil cartel Opec, which is dominated by Saudi Arabia, and non-Opec producers led by Russian Federation have been attempting to use the output cut to drive up prices.

Saudi Arabia is the largest contributor among members of the Organization of Petroleum Exporting Countries to an agreement to balance an oversupplied market with managed production declines. U.S. West Texas Intermediate added as much as 1.8 percent to $48.70 a barrel on the New York Mercantile Exchange, the highest since May 2.

Heat wave continues in Himachal
The city sizzled at 44.4 degree Celsius, which was 5 notches above normal. Thunderstorm and dust storm may also occur in some places in the night.

The United States did not participate in the original agreement to cut supplies and producers there have ramped up output this year, buoyed by the recovery in prices from multi-year lows hit in January 2016.

USA bank Goldman Sachs said the deal would likely extend the oil price rebound "although the rally so far. has remained modest compared to the move that occurred past year when the OPEC cuts were first announced".

In the United States, the top source for global crude supply growth, consumption has weakened and the IEA forecast flat USA demand this year.

Russia's Mr Novak said that "preliminary consultations show that everybody is committed" to the output agreement and no nation is willing to quit.

Microsoft condemns NSA weaponization of malware after WannaCry attacks
Similarly, McAfee CTO Steve Grobman said the WannaCry attack "should remind IT of the criticality to apply patches quickly". But global fears eased on Monday as the number of incidents reported levelled off.

The second source also saw a modest price recovery as likely in the summer months when US gasoline demand seasonally rises, citing factors such as a likely drawdown in inventories.


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