Crude oil futures jump to Rs. 3238 per barrel

Related Is The Private Equity Oil Rush Back On

Related Is The Private Equity Oil Rush Back On

May West Texas Intermediate crude rose 84 cents, or 1.7%, to settle at $50.35 a barrel.

"One question is whether the recent downturn in crude prices below $50 per barrel (WTI) will deter USA producers from going full-tilt", he said.

Still, the EIA data is bullish when compared with consensus estimates, which were calling for a 2 million barrel increase in crude inventories week-over-week, according to KLR Group analysts.

However, compliance could be lower by non-OPEC members like Russian Federation, who have officially agreed to participate in the cuts.

In November 2016, OPEC member states reached an accord to cut oil production by 1.2 million barrels per day for the first half of 2017 to boost global oil prices.

That optimism and an unexpected disruption in Libyan production has helped drive prices up 3.7 percent over the past two sessions, their longest stretch of gains in more than a month.

"With plenty of supportive OPEC chatter on rolling over the oil-production restrictions and a production accord between Russian Federation and Iran, the consensus view that the physical market should tighten in the latter half of the year is building", said Stuart Ive, a client manager at the Wellington-based OM Financial.

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Several factors appear to have contributed to the rise in US crude oil exports in 2016.

USA crude oil was 10 cents lower at.41.

Late in the trading day, the American Petroleum Institute will publish data on USA crude oil inventory levels for last week.

The Organization of the Petroleum Exporting Countries (OPEC), along with some other producers including Russian Federation, have agreed to cut production by nearly 1.8 million bpd during the first half of the year in order to rein in a global fuel supply overhang and prop up prices.

Prices for front-month Brent crude futures, the worldwide benchmark for oil, were at US$52.42 per barrel at 0040 GMT, unchanged from their last close. Crude-oil stockpiles rose a less-than-expected 900,000 barrels last week by the government's count.

"The one wild card in here is that if North American shale producers are the benefactor of OPEC cuts, it makes it much harder to swallow, where you have competitors benefitting at your cost - that's a big issue". The futures contracts appeared to be searching for a new trading range, brokers said.

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