Sun, 09 May 2021

Oil prices rise modestly after downbeat week

13 Apr 2021, 06:44 GMT+10

NEW YORK, April 12 (Xinhua) -- Oil prices climbed on Monday after suffering a loss in the prior week.

The West Texas Intermediate for May delivery added 38 cents to settle at 59.70 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased 33 cents to close at 63.28 dollars a barrel on the London ICE Futures Exchange.

"Judging by the performance of prices, the oil market is currently in a balanced state, with positive and negative factors offsetting each other," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Monday.

"On the one hand, prices are finding support from external factors such as the weaker U.S. dollar and higher risk tolerance among investors, plus OPEC's continued good production discipline," he said, adding the ongoing restrictions to mobility and the planned significant increase in OPEC+ production are weighing on prices.

For the week ending Friday, the U.S. crude futures declined 3.5 percent, while Brent crude dropped 2.9 percent.

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