Off the wire
• Somali suspect charged in Kenya with ferrying explosives for terror attack  • Mugabe in S. Africa to boost bilateral ties  • Urgent: U.S. stocks end slightly lower amid strong dollar, global rallies  • All over in 10 minutes as Atletico defeat Real Sociedad  • U.S., Cuba not expected to re-open embassies before regional summit: Obama aide  • Roundup: Greek Cypriots ready for resumption of peace talks: spokesman  • Sino-Kenya relations cordial despite minor hiccups: diplomat  • UN highlights food safety on World Health Day  • Feature: 21 years after genocide, Rwandans remember victims  • 2nd LD Writethru: Russian nuclear sub on fire in dock, no casualties reported  
You are here: 　 Home

1st LD Writethru: Oil prices rise on supply speculation

Xinhua, April 8, 2015 Adjust font size:

Crude prices rose Tuesday amid speculation that the low price will curb the surplus supply.

The U.S. Energy Information Administration (EIA) will publish Wednesday its report on crude data of last week. It is expected to show that U.S. crude production would dip for the second week in a row.

For the week ending on March 27, U.S. crude production decreased 36,000 barrels to 9.386 million barrels a day last week, according to EIA.

The number of U.S. rigs actively drilling for oil and natural gas as of April 2, fell 20 rigs to 1,028, reported oil service company Baker Hughes last Thursday. Analysts believed that low crude prices forced U.S. shale oil producers to slow down the output.

Crude prices were also boosted as Saudi Arabia increased its official price to Asian clients.

Saudi Arabia raised its prices for crude sales to Asia in May for the second month. The stated-owned oil giant Saudi Aramco raised its May price for its Arab Light grade for Asian customers by 0.30 dollar a barrel compared with April. Traders regarded it as a signal of improved demand in the region.

Light, sweet crude for May delivery gained 1.84 dollars to settle at 53.98 dollars a barrel on the New York Mercantile Exchange,while Brent crude for May delivery moved up 98 cents to close at 59.1 dollars a barrel. Endite