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Oil prices rose on Monday, but big early gains were capped despite major crude producers’ decision to extend the output cuts to the end of July.
Brent crude gained 1.2%, or 51 cents, at $42.81per barrel. U.S. West Texas Intermediate crude was up 0.8%, or 32 cents, at $39.87 per barrel. Both benchmarks hit their highest levels since March 6 in early trade, with Brent nearly doubled since OPEC’s production cuts materialized in May.
On Saturday, OPEC and its allies including Russia agreed to extend the output cuts of nearly 10% of global supplies to end-July. Following the agreement, Saudi Arabia raised its monthly crude prices for July.
However, economist Howie Lee of Singapore Bank OCBC said that the extension did not satisfy the market’s hopes for another three months of supply cuts.
The OPEC’s decision to extend the output cuts to end-July is expected to result in a supply deficit by October, supporting prices in the long run.
The oil market is closely watching producers’ commitment to the cuts in gathering trading cues.
Analysts said that both Brent and WTI would need stronger bullish components to bring prices back to their levels pre-March 6 price crash.
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