Crude re­bounds from 10-week low

The Pak Banker - - INTERNATIONAL BUSINESS/SPORTS -

West Texas In­ter­me­di­ate crude re­bounded from the low­est level in 10 weeks and Brent gained as a North Sea pipe­line sys­tem re­mained shut af­ter a plat­form leak.

WTI fu­tures climbed as much as 0.6 per­cent in New York on spec­u­la­tion that the past three days of de­clines may have been ex­ces­sive. The Brent pipe­line sys­tem was closed for a third day af­ter an oil leak was dis­cov­ered March 2 on the Cor­morant Al­pha plat­form, ac­cord­ing to Abu Dhabi Na­tional En­ergy Co. ( TAQA) PJSC, the op­er­a­tor known as Taqa. U.S. crude stock­piles prob­a­bly ad­vanced for a sev­enth week, the long­est stretch since May, a Bloomberg News sur­vey showed be­fore En­ergy De­part­ment data to­mor­row.

"It's worth keep­ing an eye on de­vel­op­ments at Cor­morant Al­pha since any pro­longed dis­rup­tion in the North Sea would sup­port Brent," said An­drey Kryuchenkov, an an­a­lyst at VTB Cap­i­tal in Lon­don, who pre­dicts that Brent will trade in a range of $109 to $112 a bar­rel this month.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.