Iran's heavy crude surpasses light crude in price

Late past year, the 13 OPEC nations and 11 oil producers outside the group agreed to cut production in a bid to reduce alarmingly high global supplies and balance the market CLJ7, +1.21% LCOJ7, +0.85%.

Speaking at an energy summit in London, OPEC Secretary-General Mohammad Barkindo said there was strong coordination around the agreement.

Oil prices have been bolstered by the OPEC-led production cut causing a further reduction in global crude supplies.

He said it was too early to say if the supply cut, which lasts for six months from January 1, would need to be extended or deepened at the next OPEC meeting in May. "This suggests that despite renewed worries about supply surplus in the United States, market participants are anticipating oil prices to push further higher".

February 18 2017 January world oil demand
COLUMN-Hedge funds bet big on oil as OPEC gives them a free put option: Kemp

Canadian oil imports surged to their highest levels in four years in 2016 as a combination of primarily American and OPEC barrels sailed into Eastern Canadian refineries.

Moors says certain oil stocks, "the darlings of energy investors", are about to make a comeback now that oil prices are rising.

Let us take a look at the current oil market status through a number of charts.

"This prolonged and increasing overcrowding of speculative net longs should be a cause for concern", said Jonathan Chan, an investment analyst at Phillip Futures.

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According to InterContinental Exchange data released on Monday, money managers are holding record levels of long positions in Brent crude derivatives.

Fawad Razaqzada, Market Analyst at Forex.com, said, of late, oil prices have not really gone anywhere but crucially the pullbacks have been very shallow.

The U.S. market will be closed on Monday for the Presidents Day holiday.

Shale production could rise even more if prevailing oil prices are higher than $55/barrel.

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Crude palm oil prices were up by 0.38 per cent to Rs 547.50 per 10 kg in futures trade today as speculators indulged in enlarging positions, driven by a firm demand at the spot market.

On Friday, the oil prices raised up, the reason being that there was a report that the producer club i.e. the Organization of the Petroleum Exporting Countries (OPEC) would most likely extend an output cut targeted at reining in the world fuel supply overhang. To start with, OPEC excluded two of its biggest producers, Nigeria and Libya from the production cuts and it allowed Iran to raise its output slightly. It was the first time in eight years that OPEC members had agreed to scale back output, and so far the accord has been seen as a success, with more than 90% compliance claimed. The US producers export the higher quality oil and import what they need from overseas.

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