Crude Oil Edges Upward



Crude Oil Edges Upward
Both the WTI and Brent crude oil benchmarks posted gains.

West Texas Intermediate (WTI) crude oil for March delivery gained 47 cents to reach $56.06 per barrel during an abbreviated session Monday. During Monday’s trading, halted at midday for the President’s Day holiday, the WTI peaked at $56.33 and bottomed out at $55.72.

The April Brent crude oil futures contract was at $66.47 per barrel Monday, representing a 22-cent increase from Friday’s settlement.

“Oil has traded up over the past few days because of Venezuela and talk of production cuts from OPEC and Russia,” Tom McNulty, Houston-based managing director with Great American Group, told Rigzone. “Venezuela is real, but can we believe OPEC and Russia? I’m not sure. Regardless, as prices rise, the more nimble North American producers will put more oil onto the market, keeping crude in a narrow trading range.”

Also affected by the U.S. holiday was trading for reformulated gasoline (RBOB). The March RBOB contract price fell by less than a penny Monday morning to reach $1.57 per gallon by the noon halt.

The March Henry Hub natural gas contract gained less than one cent Monday to reach $2.63 by the midday halt to trading.

 



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