Alexa
  • Directory of Taiwan

Oil prices up in Asia

Oil prices up in Asia

Oil prices extended gains in Asian trade yesterday amid expectations that OPEC will cut output further this weekend, analysts said.
New York's main futures contract, light sweet crude for delivery in April, rose US$0.21 to US$47.28 a barrel. The contract hit a two-month high of US$48.83 in intra-day trade on Monday.
Brent North Sea crude for April climbed US$0.22 to US$44.35.
"Crude oil prices may be dictated by noise of further production cuts from OPEC nations this week, ahead of the meeting at the weekend, which might push oil prices toward US$50 per barrel," said Nimit Khamar, an analyst at British brokerage Sucden Financial.
The organization of the Petroleum Exporting Countries (OPEC), which pumps 40 percent of the world's oil, is due to meet on Sunday in Vienna and Libya's envoy to the group said that output cuts were a possibility.


Updated : 2021-05-15 10:08 GMT+08:00