Meanwhile, Fortune.com reports that oil prices rose on Monday, extending a rally that has lifted crude benchmarks by more than a third from this year’s lows, as tightening supply and an improving global outlook strengthened the sentiment for a market recovery.
Fortune.com reports that oil prices rose on Monday, extending a rally that has lifted crude benchmarks by more than a third from this year’s lows, as tightening supply and an improving global outlook strengthened the sentiment for a market recovery.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
“It looks at this stage as if it (oil) has formed a little bit of a bottom and perhaps we’re going to see a sustained price in the $30s, maybe trending back up to $40 dollars at some point,” said Ben Le Brun, market analyst at OptionsXpress.
“The macro picture takes all corners of the globe into account, and those corners seem to be improving … and that’s where I’m seeing the oil price tick higher."
Analysts said that strong U.S. payroll data had pushed markets on Friday and early Monday, but that attention was now shifting to China where the National People’s Congress opens its annual session this week. The main news out of that was that the government was ready to increase borrowing to keep growth in a range between 6.5% and 7% for the next five years.
And later this week, many expect the European Central Bank to announce more measures to stimulate the Eurozone economy.
On the supply side, U.S. energy firms cForeign direct investments Fall in crude oil price is the cause of lower FDI – Economic Analystut oil rigs for an 11th week in a row to the lowest level since December 2009, data showed on Friday, as producers slash costs.