Oil Prices Surge Over the Sentiments of Supply Cut

WTI and Brent Crude Oil

Saudi Energy Minister Khalid al-Falih said Russian Federation was the only oil exporter still undecided on the need to extend an output deal between OPEC and its allies until the end of the year, TASS news agency reported on Monday. "A lot depends on the situation on the market in the second and third quarter, from the balance of supply and demand, and how the situation develops with uncertainties, trade wars, and sanctions pressures on several countries", he said.

Oil futures extended losses after the U.S. Energy Information Administration (EIA) reported domestic crude stockpiles climbed last week by 2.2 million barrels.

The alliance of 24 producers has been undertaking a cut of 1.2 million barrels per day since the beginning of January.

Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russian Federation should restrict supplies to current levels, while Washington's withdrawal of a tariff threat against Mexico removed a cloud over the global economy. Two of the sources, both OPEC delegates, said the idea was not a concrete proposal and was not being discussed formally.

"Over the past week or so, our economists have revised down their GDP growth outlook for the US, China, India and Brazil", Barclays bank said on Monday in a note about the economy and its impact on oil demand. -China trade tensions continued to threaten demand for crude and as major producers Saudi Arabia and Russian Federation had yet to agree on extending an output-cutting deal. "I see him as a serious and thoughtful leader", TASS cited the Saudi minister as saying.

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Addressing to Saudi energy minister's comment on OPEC+ output cut, an analyst at futures brokerage at FXTM, Han Tan said, "Brent futures continue rising. after the Saudi Arabian Energy Minister expressed confidence that OPEC+ producers will prolong their output cuts program through the second half of 2019".

The energy minister of the United Arab Emirates, Suhail bin Mohammed al-Mazroui, said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts.

Russian Federation has been under pressure from its domestic oil firms to let them pump more. OPEC originally scheduled its regular semi-annual meeting for June 25 in Vienna, with non-OPEC partners to join the talks the following day.

OPEC and its allies still have to decide when to hold their meeting.

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