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MTECHTIPS;-Crude quoted weaker in Asia as weekend Russia, Iraq news eyed

Monday, April 3, 2017 4:51
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MTECHTIPS;-Crude quoted weaker in Asia as weekend Russia, Iraq news eyed



MTECHTIPS-Crude was last quoted weaker in early Asia on Monday as investors awaited reaction to news on output from Russia at the weekend and a pledge by Iraq to step-up compliance with coordinated output cuts. U.S. West Texas Intermediate crude May contract was last quoted down 0.37% at $50.62 a barrel. On the ICE Futures Exchange in London, Brent oil for June delivery last traded at $53.50 a barrel. At the weekend, Russia reported March oil output at 11.05 million barrels per day (bpd), down 200,000 bpd from an October baseline used to measure compliance with an oil output cut pact, while Iraq has assured OPEC anew it will fully comply with its commitments under the deal.In Asia a busy data day ahead with the AIG manufacturing index from Australia for March, Japan’s Tankan large manufacturers survey for the first quarter and building approvals and retail sales for February from Australia with a 0.5% decline and 0.3% rise expected respectively. Last week, oil futures settled higher for the fourth session in a row on Friday, extending a rally to the strongest level in more than three weeks amid optimism that OPEC will extend its production-cut deal beyond June. Sentiment in the oil market improved this week in wake of increasingly supportive rhetoric from a number of OPEC nations willing to extend production cuts into the second half of 2017. OPEC agreed in November last year to curb its output by about 1.2 million bpd between January and June. Russia and 10 other non-OPEC producers have agreed to jointly cut by an additional 600,000 bpd

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