On Monday, crude futures kept soaring during Asia trade as market sentiment carried over from the previous week on prospects for OPEC to curb or stabilize output.
In New York, September delivery crude futures edged up 0.99%, hitting $44.93 per barrel. Meanwhile, Brent futures earned 0.83%, trading $47.36 per barrel.
In the week ahead, crude traders will be focusing on American stockpile data on Tuesday and Wednesday for new supply-and-demand signals.
The previous week, crude futures grew for the second day in a row on Friday, consolidating at a three-week peak as market participants kept covering their short trading positions after Saudi Arabia’s oil minister dropped a hint that the kingdom could be open to further discussions next month aimed at stabilizing the energy market.
Crude pared some revenues after a report demonstrated the number of American crude rigs surged for the seventh straight week, thus underling worries regarding global oversupply.
