Chinese oil contracts ended higher at 457.3 yuan a barrel
|Chinese oil contracts ended higher at 457.3 yuan a barrel|
Arabian Business Egypt: Oil futures prices, denominated in the Chinese yuan, concluded the trading session today, Tuesday, at the Shanghai Energy Exchange, on a high note, ignoring expectations of an increase in shale supplies in the United States, and supported by the confirmation of OPEC and its allies commitment to efforts to absorb excess supply.
Crude futures for May delivery rose 1.95 percent, or 8.8 yuan, to close at 457.3 yuan (68.14 dollars).
At 10:00 am GMT - 12:00 pm Cairo time, the benchmark Brent crude for May delivery increased by 0.55% to $ 67.91 a barrel, while the US Nymex crude for April delivery rose 0.50% to $ 59.38. Barrel.
After the Joint Ministerial Committee of "OPEC" and its allies recommended to postpone the April meeting to consider the possibility of extending the work of the agreement to curb supplies, speculation arose that producers would not make a decision in this regard before late June.
On the other hand, the Energy Information Administration said it expects shale oil supplies from major fields to grow by 85,000 barrels per day during next April.