World oil prices rise ahead of Qatar gathering

The US benchmark West Texas Intermediate (WTI) for May delivery rose 64 cents to $40.36 a barrel on the New York Mercantile Exchange. Brent North Sea crude for June settlement, the European benchmark, increased 89 cents to settle at $42.83 a barrel in London deals.The gains added to a more than six percent surge on Friday, after data showed a surprise drop in US stockpiles and weaker output.Bart Melek of TD Securities said focus remains on a meeting of key producers in Doha on April 17 that could yield an agreement to limit output in order to support crude prices.But Citi Futures analyst Tim Evans said reports of high production in Russia and Iraq were worrying signs for the oversupplied market. So too was news that Kuwait planned to boost its output further by the end of 2016. “These producers may simply be getting their last increase to the market ahead of a freeze, but it does not seem in the spirit of a production restraint and casts doubt on the likelihood that they will comply with any deal that is agreed,” Evans said.OPEC governor for Kuwait, Nawal al-Fezaia, said Tuesday that major oil producers could reach a deal on output freeze even if Iran does not join the move. However, investment bank Goldman Sachs warned Monday that the meeting later this week is unlikely to tighten a massively oversupplied market, according to AFP. (T.A026)
Editor: Ruslan Burhanihttp://www.antaranews.com/berita/554822/harga-minyak-dunia-naik-jelang-pertemuan-qatar