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LequteMan
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Nigeria- Brent oil for the first time this year on Friday rose above $60 a barrel, supported by signs that deeper industry spending cuts may curb excess supply, Reuters reports.
A weaker U.S. dollar also supported oil, bringing gains this week to almost 4 percent analysts say.
The price of Brent crude collapsed from $115 in June to $45.19, the lowest in almost six years, in January due to oversupply. Since January, mounting signs of lower industry spending have helped prices rally by more than 30 percent.
Brent for April delivery LCOc1 was up $2.06 at $61.34 by 1305 GMT (08:05 a.m. EST). The March contract expired overnight. U.S. crude CLc1 was up $1.39 at $52.60.
"During the last weeks, crude oil rebounded driven by improved market sentiment and by expectations that low prices will lead to lower supply growth in 2015," Daniela Corsini, an analyst at Intesa Sanpaolo, said in a report.
Besides Apache's update, Royal Dutch Shell's RDSA.L chief executive said on Thursday supply might not be able to keep up with growing demand as companies reduce budgets, and France's Total (TOTF.PA) announced investment and job cuts.
Still, analysts at JBC Energy in Vienna said in reference to Apache's moves that spending cuts can easily be reversed.
#Nigeria #Oil
A weaker U.S. dollar also supported oil, bringing gains this week to almost 4 percent analysts say.
The price of Brent crude collapsed from $115 in June to $45.19, the lowest in almost six years, in January due to oversupply. Since January, mounting signs of lower industry spending have helped prices rally by more than 30 percent.
Brent for April delivery LCOc1 was up $2.06 at $61.34 by 1305 GMT (08:05 a.m. EST). The March contract expired overnight. U.S. crude CLc1 was up $1.39 at $52.60.
"During the last weeks, crude oil rebounded driven by improved market sentiment and by expectations that low prices will lead to lower supply growth in 2015," Daniela Corsini, an analyst at Intesa Sanpaolo, said in a report.
Besides Apache's update, Royal Dutch Shell's RDSA.L chief executive said on Thursday supply might not be able to keep up with growing demand as companies reduce budgets, and France's Total (TOTF.PA) announced investment and job cuts.
Still, analysts at JBC Energy in Vienna said in reference to Apache's moves that spending cuts can easily be reversed.
#Nigeria #Oil
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