Singapore: Oil prices rose in Asia today, fuelled by sustained unrest in the crude-rich Middle East, while also gaining support on hopes that declining US production will ease a global supply glut, analysts said. <\/p>\n
US benchmark West Texas Intermediate for May delivery gained 68 cents to $56.42 while Brent crude for June gained 70 cents to $64.15 in afternoon trade. <\/p>\n
“Escalating conflicts in Yemen, a drop in the US rig count and weak US inventory data led to benchmark prices making significant gains,” said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy firm EY. <\/p>\n
Clashes between rebels and pro-government forces, and Saudi-led air strikes, killed at least 85 people in Yemen on yesterday, medics and military sources said. <\/p>\n
Yemen is a small crude producer that sits along the Bab al-Mandab Strait, through which about 3.8 million barrels of oil per day are transported. <\/p>\n
The country has been gripped by turmoil since Shia rebels launched a power takeover in Sanaa in February. <\/p>\n
Dealers are also reading a drop in US oil rig activity as a sign of a production slowdown that could alleviate global oversupply and push prices up, analysts said. <\/p>\n
The latest count by Baker Hughes showed rigs targeting US crude dropped by 26 to 734 last week, Bloomberg News reported. <\/p>\n
Oil prices rallied last week on news that US shale output may be on the cusp of easing. <\/p>\n
Crude prices collapsed more than 50% between June and January owing to the oversupply and weak demand.<\/p>\n","protected":false},"excerpt":{"rendered":"
Singapore: Oil prices rose in Asia today, fuelled by sustained unrest in the crude-rich Middle East, while also gaining support on hopes that declining US production will ease a global supply glut, analysts said. US benchmark West Texas Intermediate for May delivery gained 68 cents to $56.42 while Brent crude for June gained 70 cents to $64.15 in afternoon trade. “Escalating conflicts in Yemen, a drop in the US rig count and weak US inventory data led to benchmark prices making significant gains,” said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy firm EY. Clashes […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-11241","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/11241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=11241"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/11241\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=11241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=11241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=11241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}