Oil prices rose on Monday after OPEC+ members agreed to extend voluntary oil output cuts of 2.2 million bpd into the second quarter, largely in line with market expectations.
Russia will cut its oil output and exports by an additional 471,000 bpd in the second quarter, in coordination with some OPEC+ participating countries, its Deputy Prime Minister Alexander Novak said on Sunday.
But the EIA said US production of oil and gas set new seasonal records in December. Total production of crude and condensates increased to 413 million barrels from 376 million in the final month of 2022.
The number of rigs drilling for oil averaged 501 in the month, down from 623 in the previous year, according to Baker Hughes. In the short term, the shale industry has become adept at producing at lower prices.
Over the first two months of the year, LSEG estimates China's oil arrivals at 11.51 million bpd, which is 1.07 million bpd higher than the official customs figure from January and February last year.
After PMI shrank for a fifth month in February, EBC Financial Market Forecast suggests it's more likely that further stimulus measures are likely to be adopted in China, with the focus on this week's meeting of parliament.
Brent crude has violated the rectangle pattern and the 50 SMA, exhibiting strong momentum. The high around $84.50 hit in late November will the first hurdle to a medium-term price reversal.
EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment, or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Financial Group or the author that any particular investment, security, transaction, or investment strategy is suitable for any specific person.
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