Singapore: Oil prices rise on renewed output freeze talks, but fundamentals remain weak

• Aug 08, 2016

Singapore: Oil prices rise on renewed output freeze talks, but fundamentals remain weak

Monday, 8 August 2016 – Oil prices rose in early trading on Monday, lifted by reports of renewed talks by some members of the Organization of the Petroleum Exporting Countries (OPEC) to restrain output.

U.S. West Texas Intermediate (WTI) crude oil futures were at $42.01 per barrel at 0022 GMT, up 21 cents, or 0.5 percent, from their last close.

Brent crude futures were trading at $44.40 per barrel, up 13 cents, or 0.29 percent.

Analysts said that the price rise came on the back of renewed calls by some OPEC members to freeze production in a bid to rein in output consistently outpacing demand.

“OPEC members including Venezuela, Ecuador and Kuwait are said to be behind this latest reincarnation. But just like previous endeavours, it seems doomed to fail, given key OPEC members (think: Saudi Arabia, Iraq, and Iran) persist in their battle for market share, ramping up exports apace,” said Matt Smith of U.S.-based ClipperData in a note. Read More?