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Oil recovers lost ground, but market under pressure
  • Post by Admin on sunday, March 05, 2015

Oil prices recovered some ground on Monday following last week's big losses, driven by expectations that the Organisation of Petroleum Exporting Countries, OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains.

The United States, U.S. West Texas Intermediate (WTI) crude oil futures added 23 cents, or 0.5 percent, but were still below the $50 mark pierced last Friday at $49.85 a barrel, while Brent crude futures rose 27 cents, or 0.5 percent, to $52.23 per barrel.

Oil prices fell steeply last week following high crude supplies, despite a pledge by OPEC and some other producers to cut production by almost 1.8 million barrels per day (bpd) for six months from January 1 to support the market.

Also, geopolitical worries remained an issue for investors following the French presidential election on Sunday as candidates were seen with a chance of making the run-off vote on 7 May.

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