Brent crude oil futures rose to a high for the month of $47.67 a barrel on Monday before dipping back to $47.17 per barrel at 1230 GMT (0830 ET), up 20 cents from their last settlement, and more than 11 percent above the last close in July.
U.S. West Texas Intermediate (WTI) crude futures rose to a high of $45.15 a barrel before dipping to $44.69 a barrel, still up 20 cents from their last close. WTI has gained more than 7 percent in August.
On Monday, Russian Energy Minister Alexander Novak bolstered hopes that oil producing nations could take action to stabilize prices, telling a Saudi newspaper that his country was consulting with Saudi Arabia and other producers to achieve market stability.
Still, analysts were skeptical that the market could maintain its strength, particularly as the excess of supply that has dogged producers for the past two years showed little sign of quickly abating.
"In our view a renewed price correction cannot be ruled out if market participants start focusing on the supply side again, for the latest drilling activity figures in the U.S. cast doubts that the oversupply is really being eroded," Commerzbank analyst Carsten Fritsch said in a note.
Baker Hughes data released on Friday showed the number of rigs operating in the U.S. rose by 15 last week to 396.
While far from the over 1,600 in operation in 2014 before the price rout, it has steadily risen from a low of just 316 in late May as U.S. producers adjusted to lower prices.
For the complete article please visit
Reuters
ABOUT
Dynamic Wealth Research was founded on the principle the world is changing at an ever-increasing pace. The greatest profit opportunities an investor will ever find are from massive, sweeping changes. Dynamic Wealth Research analyzes and closely follows these changes, keeps its readers on the leading edge of them, and shows you how to be best positioned these anxious, interesting, and ultimately profitable times.
