The overnight increase came despite the possibility of rising supplies from Opec and Russia, and some analysts see market fundamentals as supportive. A possible output increase by Opec and non-Opec members including Russia has been in focus. “With the Opec meeting still another three weeks away, oil prices are likely to remain sensitive to headlines,” ANZ bank said in a note. “We expect for oil prices to stand tall in the current week as Opec ‘talk prices up’ before the Vienna meet,” said Lu of Phillip Futures. In Asia, Shanghai September crude oil futures rose 2.2% by the midday break on Thursday, with open interest rising to a record on a weaker yuan and the rally in Brent and WTI overnight.

Source: Mint May 31, 2018 06:33 UTC