Oil climbs above $62 amid producer promises to support markets

Oil producers to draft long-term alliance deal by end-2018 – Mr al-Mazroui

Crude palm oil prices rose by 0.79 per cent at Rs 586 per 10 kgs in futures trade today as traders created fresh positions, supported by pick-up in demand at the spot market amid firm global cues.

U.S. WTI futures were at $61.99 per barrel as of 1:39 p.m. GMT, and Brent crude futures were at $65.14 per barrel, a 0.81 percent decline.

Traders said that WTI prices found support on the reduced productions from Canada's Keystone Pipeline System, which has lessened Canadian supplies in the U.S. due to a leak that has slowed operating capacity since late 2017.

Meanwhile, global favorite Brent crude eased on the back of weakness in Asian stocks and a stronger U.S. Dollar.

On the other hand, benchmark Brent crude futures was down by 0.7 percent to $65.19 a barrel, after marking a one-week peak of $65.90 on Monday.

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The stronger dollar is expected to weigh on foreign demand over the short-term.

After Brent crude shot above $70 in late January, Oil Minister Bijan Namdar Zanganeh of Iran - an OPEC producer that often used to agitate for higher prices - said that $60 was sufficient.

"The drawdown in inventory has been supportive for WTI, with the Brent-WTI spread narrowing from nearly US$7 per barrel at the end of December to around US$3.20 a barrel now".

The OPEC Secretary-General made the comments while speaking at a conference in Nigeria's capital Abuja.

So far this year North American gold investors have the led the charge with funds adding 21.5 tonnes worth $940m during the month or three-quarters of the global total.

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Analyst William O'Loughlin said OPEC and Russian Federation had assured markets that there will be a systematic augmentation of output once the production cuts deal ends.

Without elaborating on the strategy, he added that a draft framework might be endorsed and signed by all 24 countries before the end of the year.

But despite all the apparent calm and composure Falih is showing, Opec is also conceding ground to the growing United States output.

Saudi Arabia-the de facto head of OPEC-and Russian Federation indicated last week a willingness to stick an agreement that has helped hold back global production by almost 2%, while boosting crude prices by more than 50% in the second half of 2017. Higher oil prices, the EIA notes, will motivate higher exports and lower local consumption, so the country could become a net oil and gas exporter even before 2022 if prices are high enough.

Other commodities such as the gold edged lower on Tuesday, as the dollar's continuous recovery puts the yellow metal under pressure.

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