Oil edges up as Trump set to meet N. Korea’s Kim

singapore — Crude oil futures rose on Friday as Asian stock markets gained on news that North Korean leader Kim Jong Un will meet with US President Donald Trump.

The news lifted Asian stocks markets, and pulled crude oil futures along with them, traders said.

Brent crude futures were at $63.79 per barrel at 0753 GMT,

It seems only a matter of time before the US becomes the biggest oil producer in the world Hans van Cleef, Senior energy economist, ABN Amro

up 18 cents, or 0.3 per cent, from their previous close. US West Texas Intermediate (WTI) crude futures were at $60.24 a barrel, up 12 cents, or 0.2 per cent. Despite these increases, Brent and WTI are on course for weekly declines of almost 1 per cent and 1.6 per cent, respectively. Traders said the weakness is due to soaring output from the United States, which has risen by 23 per cent since the middle of 2016, to 10.37 million barrels per day (bpd).

“The market continues to struggle to shake off an excess supply... (boosted) by increased supply from a growing US shale patch,” ANZ Bank said on Friday. Thanks largely to shale drilling, the United States now produces more crude than top exporter Saudi Arabia. Only Russia pumps more, at almost 11 million bpd.

“It seems only a matter of time before the US becomes the biggest oil producer in the world. The main question which keeps investors busy is when exactly this will be reached,” Hans van Cleef, senior energy economist at Dutch bank ABN Amro, said in a note to investors. — Reuters