Oil Prices Jumped to the New High Since 2014

Trump rains on oil parade

Opec is expected to continue taking barrels off the market despite three-year-and-a-half high oil prices of above $74 per barrel as the group's monitoring committee, which includes Russian Federation convenes in Jeddah on Friday to discuss the newer market dynamics and plans to forge a stronger alliance.

Saudi Arabia would be happy to see crude rise to $80 (56.38 pounds) or even $100 a barrel, three industry sources said, a sign Riyadh will seek no changes to the supply-cutting deal even though its original target is within sight.

Brent crude futures LCOc1 settled at $73.48 a barrel, up $1.90, or 2.7 percent.

West Texas Intermediate futures, the United States benchmark, inched closer to $69, climbing to a high of $68.96 a barrel this morning.

After charging more than 3.5 per cent yesterday, Brent crude oil, the global benchmark, rose as high as $74.08 this morning before edging down slightly.

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The market was also propelled after OPEC kingpin reportedly stated it wanted crude prices to top $80 per barrel as it prepares for a huge listing of part of its state oil company.

The Organization of the Petroleum Exporting Countries (OPEC) and other major producers including Russian Federation started to withhold output in 2017 to rein in oversupply that had depressed prices since 2014.

At the gathering in the Saudi city of Jeddah, OPEC and Russian Federation will discuss prolonging their cooperation, including new inventory targets that extend their output cuts beyond this year.

Global resource stocks were the winners from Thursday's higher in prices.

Opec's ministerial committee tasked with monitoring the group's supply-cutting deal with non-Opec countries, led by Russian Federation, meets in the Saudi city of Jeddah on Friday."Despite an oil price of over US$70 per barrel and the fact that the oversupply has been eliminated, a phase-out of the production cuts will not be on the agenda", Commerzbank oil analyst Carsten Fritsch said.

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To be sure, OPEC and Saudi Arabia have no official price target and say the objective of the production cut is to balance supply and demand, and reduce the inventory glut.

The beginning of summer may herald the end of a boom for the fuel that underpinned crude's rally into a bull market previous year.

OPEC and delegations from other major oil producing countries will meet in Jeddah April 20. Gasoline supplies fell 2.97 million barrels and distillate stocks slid 3.11 million barrels to the lowest level since November.

"If oil prices were to move toward $80 a barrel and euro weakened a bit, there could be some inflation pressure", said Rabobank's head of macro strategy Elwin de Groot.

"US production is too responsive to high price and there is still plenty of crude oil in tanks", he said.

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