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Wednesday, April 15, 2015

Crude ends at highest level in a week

Talk of a potential output cut from OPEC boosts prices 


Crude oil futures settled at their highest in a week on Tuesday, 14 April 2015 with talk of a potential output cut from the Organization of the Petroleum Exporting Countries and expectations for a decline in U.S. production combining to lift prices for the U.S. crude benchmark above $53 a barrel. 

Crude for delivery in May climbed $1.38, or 2.7%, to settle at $53.29 on the New York Mercantile Exchange. The settlement was the highest since 7 April and marked a fourth straight session climb. 

As per reports, Iran's oil minister has called on OPEC, at its next meeting in June, to reduce production by at least 5% to boost prices that have collapsed since last summer. 

Among economic reports expected for the day, the Commerce Department said March retail sales rose by a seasonally adjusted 0.9%, the strongest gain in a year but below the 1.1% rise forecast by market. Also, a bit hotter-than-expected U.S. producer price index report Tuesday was a mixed bag for gold and silver. Producer prices rose by a seasonally adjusted 0.2% in March after four straight months of declines. Market had penciled in a rise of 0.3%. 

Among other energy products, May gasoline rose 3.1 cents, or 1.7%, to $1.836 a gallon and May heating oil ended at $1.802 a gallon, up 1.8 cents, or 1%. 

May natural gas tacked on 1.9 cents, or 0.8%, to $2.53 per million British thermal units.
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