Commodity Tips: - Crude Oil Futures News

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After a steep sell-off last week, Crude oil futures settled little changed on Monday, as investors got boost with an upbeat OPEC monthly report underlying continued global oil demand growth. OPEC said it expects global oil demand growth to rise by 1.59 million barrels a day (bpd), up 60,000 bpd from December’s forecast. However, benchmark crude oil futures pared most of the earlier gains and unable to hold $60 a barrel mark, as the government forecast a further rise in domestic shale-oil production. 

 

The Energy Information Administration reported that shale crude-oil production from seven major US oil plays is expected to see a monthly climb of 110,000 barrels a day in March to 6.756 million barrels a day.

 

Benchmark crude oil futures for March delivery rose 9 cents or 0.2 percent, at $59.29 a barrel on the New York Mercantile Exchange. April Brent crude slipped 20 cents or 0.3 percent to $62.59 a barrel on London’s Intercontinental Exchange. 

 

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