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MTECHTIPS:-Crude oil futures - weekly outlook: March 2 - 6

Monday, March 2, 2015 0:50

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MTECHTIPS:-Crude oil futures – weekly outlook: March 2 – 6

Crude oil futures rallied sharply on Friday, to record the first monthly gain in seven months, amid speculation productions cuts by drillers in the U.S and global oil companies will alleviate a glut in supplies. On the New York Mercantile Exchange, crude oil for delivery in April jumped $1.59, or 3.3%, on Friday to end the week at $49.76 a barrel. The sharp increase continued the trend of volatile price fluctuations, as prices have wavered dramatically over the last several weeks. Daily oil prices have moved more than 2% in an up or down direction in 25 of the last 38 trading days. On Thursday, Nymex oil plunged $2.82, or 5.53%, to close at $48.17. For the week, New York-traded oil futures slumped $1.29, or 2.71%, the second consecutive weekly loss. However, prices ended February with a gain of $1.68, or 0.91%, halting seven straight months of declines. Industry research group Baker Hughes said Friday that the number of rigs drilling for oil in the U.S. fell by another 33 last week to 986, the lowest since June 2011. The number of oil rigs has declined in 17 of the last 20 weeks since hitting an all-time high of 1,609 in mid-October. Market players have been paying close attention to the shrinking rig count in recent months for signs it will eventually reduce the glut of crude flowing into the market. However, total U.S. crude oil inventories stood at 434.1 million barrels as of last week, the most in at least 80 years, indicating that cheap prices have yet to affect output.

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