Capital Markets

Oil Rises to Fresh 2-Months Highs

March 7, 2016

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Oil prices went up on Monday, hitting fresh two-month highs amid hopes that the 20-month oil glut would end soon.

Crude oil for April delivery gained $0.53, or 1.48% to trade higher at $36.45 a barrel by 2:45AM ET on the New York Mercantile Exchange. During the session, prices peaked at $36.72, the highest since January 5th.

According to oilfield services provider Baker Hughes, the number of oil rigs operating in the U.S. decreased for the 11^th straight week last Friday, dropping to its lowest count since 2009. A lower U.S. rig count is seen as a bullish sign for oil as it signals the likelihood of lower production in the future.

In London, Brent oil for May delivery hit an intraday peak of $39.50, the highest since January 4th, before settling at $39.12, up $0.40 cents, or 1.03% from the previous session.

Brent futures are up by approximately 25%, since falling below $30 a barrel on February 11th.

Later this week, oil traders will be looking at U.S. stockpile data on Tuesday and Wednesday for additional signs of a slowdown in U.S. production amid growing worries over a domestic supply glut.

Market players will also be watching closely the outcome of the upcoming meeting between OPEC and non-OPEC producers.

Jacob Maslow

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