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Oil recovers ground after Kuwait comments, upbeat data

News Date: 6/4/2016 02:05:56
 
Oil prices regained their footing on Wednesday after Kuwait insisted that major producers will agree to freeze production this month, despite Iran's insistence it wouldn't freeze till production hits pre-sanctions levels, and Saudi Arabia's hint they will not agree to freeze if Iran didn't join hands.

Also helping sentiment, an inventory report by the American Petroleum Institute, showing crude stocks falling unexpectedly by 4.3 million barrels last week, compared to gloomier expectations of a 3.2M addition, showing strong demand in the world's largest crude consumer.  

Brent crude futures added 62 cents, or 1.64% to trade at $38.49 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained nearly 90 cents, or 2.48% to hover around $36.78 a barrel.

The dollar on the other hand rose a small 0.11% against a basket of rivals to trade at 94.73, while the euro shed 0.16% versus the greenback to hover around 1.1366. Yen was flat after hitting 1-1/2 year high yesterday, trading last at 110.34.

Investors wait for an array of data later today, with the official survey on crude oil inventories expected to show an increase of 3.1 million barrels, added to previous reading's 2.3M rise, which would be negative for oil prices.

From Canada, a PMI survey for the country is forecast to come at 54.9, sharply higher than the previous month's 53.4, which would be quite positive for the loonie.

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