Selangor Journal

World oil prices increase

LONDON, APRIL 5:  Oil prices rose on the London market, after the expected United States (US) crude oil inventory exceeded reported Libyan oil production.
Benchmark Brent crude oil futures rose 50 cents to US$53.62 per barrel at 1350 GMT.  Meanwhile US crude oil futures, West Texas Intermediate was up 35 cents to US$50.59 per barrel, Reuters reported.
Both indicators of world crude oil improved last week from a four-month low, after the expected tightening of supplies by OPEC to reduce production under the agreements concluded at the end of last year.
Demand also rose ahead of the summer in key markets, including the US, which is the world’s largest oil consumer, where analysts are predicting the industry data this week to show a decline in oil inventories.
US crude oil is expected to decline to US$49.62 per barrel as the US failed to break through the barrier at US$50.95, while Brent may hit US$52.79 per barrel, according to Reuters technical commodity market analyst, Wang Tao.

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