Oil extends rise in Asian trade
US benchmark West Texas Intermediate for May delivery gained 26 cents to $53.55 and Brent crude for May rose 43 cents to $58.86 in late-morning trade.
The US Energy Information Administration said on Monday that output from the country's seven shale regions, which has driven production to a record high, looked set to fall by 57,000 barrels per day in May.
Analysts said a decline should help ease the global crude oversupply, which led to a collapse in prices of more than 50 percent between June and January.
"Starting from this week, we have been seeing forecasts of lower oil production suggesting that current oil production should be dropping already," said Daniel Ang, investment analyst with Philip Futures in Singapore. But United Overseas Bank said there could be a "price reversal" after the release later Wednesday of the weekly US crude stockpiles report.
Analysts expect it to show another increase, pointing to weaker demand in the world's biggest oil consuming nation.
- Shahid Afridi to play in Nepal’s Everest Premier League02:47 PM | 27 Jul, 2021
- Pakistan reports no polio case in six months02:08 PM | 27 Jul, 2021
- US formally ends combat mission in Iraq after 18 years01:20 PM | 27 Jul, 2021
- All 'unnecessary movement' restricted in Karachi after 6pm as Covid ...12:47 PM | 27 Jul, 2021
- Budding Pakistani singer accused of sexually assaulting woman in ...11:26 PM | 26 Jul, 2021
- Jennifer Lopez celebrates 52nd birthday with Ben Affleck04:36 PM | 26 Jul, 2021
- Pakistani bride's super dancing entry goes viral (VIDEO)03:37 PM | 26 Jul, 2021
- Stars who used apps to find love08:02 PM | 24 Jul, 2021
- World’s most powerful passports in 2021: Where does Pakistan stand?03:35 PM | 7 Jul, 2021
- 16 Pakistani universities among Asia's top 50002:36 PM | 8 Jun, 2021
- Famous figures who survived serious plane incidents07:21 PM | 29 May, 2021