Pace Research Commodity Update : US Oil Extends Gains To Hold Near 3-Week High

Oil prices extended gains on Tuesday, supported by signs of stronger demand, robust production curbs led by OPEC and a slight fall in US output. US West Texas Intermediate crude for April delivery was up 4 cents at $63.95 a barrel by 0223 GMT. The contract, which has risen four days in a row, on Monday hit its highest since Feb. 6 at $64.24. London Brent crude was up for a fifth day, trading 1 cent higher at $67.51 a barrel.
Prices have been rising since the US Energy Information Administration (EIA) last week said there was a surprise draw on oil stockpiles amid a fall off in imports and a surge in exports. “It’s the dwindling Cushing inventories that continue to resonate with oil traders, while another supply disruption in Libya has provided that extra fillip,” said Stephen Innes, head of trading for the Asia-Pacific region at futures brokerage Oanda in Singapore. He was referring to Libya’s National Oil Corp’s declaration of force majeure on Saturday for the 70,000-bpd El Feel oilfield after it was closed by a protest by guards. For Any More Information Please Visit : www.paceresearchindia.com and Call Now : 8817774774