Crude prices edge up amid cooling US crude inventories
On Monday, during Asia trade crude prices went up following expectations that the oil market is going to tighten reacting to cooling American crude inventories as well as drilling activities.
In New York, May delivery oil futures traded at $39.86, showing a 0.14% surge. Then, Brent June delivery crude futures leapt $0.15 at $42.09 in London.
American oil-rig count dipped to 354 for the last week. The total number of American oil-drilling rigs, used as an activity indicator of the sector, has tumbled abruptly since crude prices started falling. However, it hasn’t dropped greatly yet to relieve the global crude oversupply.
By April 1 American crude stockpiles sagged by 4.9 million barrels. By the way, at 529.9 million barrels, American crude oil inventories are currently at historically high levels, as the US energy department states.
Additionally, there’s mounting skepticism among financial experts as for an upcoming OPEC agreement, after Saudi Arabia told it would opt for the pact on the condition Iran joined the initiative.