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MTECHTIPS:- Crude retreats from 2-month highs amid bearish Kuwait, Goldman comments
Crude futures retreated from near two-month highs, as Kuwait expressed resistance to a comprehensive deal among major producers to freeze output unless OPEC receive cooperation from all of its 13 members, including a defiant Iran. On the New York Mercantile Exchange, WTI crude for April delivery wavered between $36.47 and $38.38 a barrel, before closing at $36.52, down 1.38 or 3.64% on the session. At session highs, U.S. crude reached its highest level since early-January, before falling back amid a wave of bearish news. WTI crude has still rallied more than 30% since falling to 13-year lows at $26.05 a barrel in mid-February. On the Intercontinental Exchange (ICE), brent crude for May delivery traded in a broad range between $39.61 and $41.48 a barrel, before settling at 39.63, down 1.21 or 2.96% on the day. With the losses, brent futures halted a seven-day winning streak. On Monday, both the international and U.S. domestic benchmark of crude surged by more than 4%. Crude futures fell back from January highs on Tuesday after Kuwait oil minister Anas al-Saleh declared that his nation would be unwilling to take part in an OPEC-Non OPEC accord, unless the agreement involved every member of the world’s largest oil cartel, including Iran. A potential deal could hinge on the inclusion of Iran, which has been hesitant to become involved until its production and export levels return to pre-sanction levels later this year. Iran made its return to global markets earlier this winter after a host of Western Powers eased multi-year economic sanctions upon the completion of a long-awaited nuclear deal.
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