February 21, 2017

MANTHANTIPS:- Crude surges 2% amid speculation of potential September freeze from OPEC

Crude futures rose sharply, hitting near two-week highs on Monday, as investors reacted to bullish comments from OPEC president Mohammed bin Saleh al-Sada on the possibility of an accord between member states at a meeting in Algeria in late-September aimed at stabilizing the volatile global energy market. On the New York Mercantile Exchange, WTI crude for September delivery traded between $41.83 and $43.38 a barrel before closing at $43.03, up 1.23 or 2.94% on the session. On the Intercontinental Exchange (ICE), brent crude for October delivery wavered between $44.25 and $45.57 a barrel, before settling at $45.38, up 1.11 or 2.51% on the day. At session-highs, the front month contract for U.S. crude surged to its highest level since July 24. Last week, WTI crude fell as low as $39.19 a barrel, closing below $40 on August 2 for the first time since April. Brent crude also traded on Monday at its highest level since late-July, up more than 8% from last week’s lows of $41.51 a barrel. Crude prices received significant pressure to the upside on Monday after Al-Sada emphasized that the global oil market remains on pace for rebalancing in spite of signals of continued volatility worldwide. Al-Sada, who also serves as the energy minister of Qatar, said Monday in a closely-watched statement that OPEC will hold an informal meeting of member countries on the sidelines of the International Energy Forum in Algeria on Sept. 26-28. “The recent decline observed in oil prices and the current market volatility is only temporary,




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