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Oil prices rally for second day

Oil prices rally for second day

LONDON: Oil prices rallied on Thursday, extending a recovery on efforts to tackle a global supply glut.

At about 1700 GMT, US benchmark West Texas Intermediate (WTI) for delivery in April was up $1.41 at $39.87 a barrel.

Brent North Sea crude for May delivery jumped $1.03 to $41.36 a barrel compared with Wednesday’s close.

Phillip Futures analyst Daniel Ang doubted that the rally would last however.

“The fundamentals for oil are still weak unless Opec or the other major oil producers do something next month” on tackling a supply glut, he told AFP.

Qatar’s energy minister Mohammed al-Sada on Wednesday said that oil exporters from within and outside the Opec cartel will meet April 17 in Doha to discuss the market situation. The initiative is backed by 15 countries accounting for about 73pc of worldwide output, said the minister.

Courtesy : Dawn News



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