Oil Extends Retreat from 2016 Highs on Rising OPEC Output
Oil benchmarks
on both sides of Atlantic faded a tepid bounce and fell back in the red
this Monday, extending its retreat from fresh 2016 tops.
Oil: weekly inventory reports eyed
Currently,
both crude benchmarks are seen in the red, with WTI down -0.78% to $
45.56 while Brent oil slips -1.06% to $ 46.87. Oil prices are seen
trading with moderate losses as the sentiment soured once again on
reports of rising crude productions. According to the latest reports,
OPEC pumped 32.64 million barrels per day (bpd) in April, which is a
rise from 32.47 million bpd booked in March.
However, the losses
remained capped amid broad based USD weakness and bullish report from
oilfield services company, Baker Hughes, noting that the number of
active oil rig dropped by a further 11 last week to 332.
In the
week ahead, besides, a slew of key US macro updates, focus also remains
on the fresh weekly stockpiles reports due on Tuesday and Wednesday,
which may provide fresh direction for the black gold.
