SINGAPORE, June 15: Crude futures rose in early Asian trade on Friday, extending gains as producer group OPEC agreed to keep its output ceiling unchanged for the second half of the year at 30 million barrels per day.
That would imply a cut in supplies of 1.6 million bpd, OPEC Secretary-General Abdullah al-Badri said.
U.S. Crude had gained 38 cents to $84.29 a barrel by 0036 GMT, after settling $1.29 higher. Brent crude rose 69 cents to $97.86 a barrel, after ending up 45 cents.
FUNDAMENTALS
OPEC left oil output limits on hold on Thursday, powerless to do anything other than hope top producer Saudi Arabia scales back supplies unilaterally soon to stem a $30 slide in prices.
Authorities in the world’s major economies are preparing for a possible market storm or public panic after cliffhanger Greek elections this weekend, officials said, should radical leftists win and cast doubt on the nation’s future in the euro zone.
New claims for U.S. State jobless benefits rose for the fifth time in six weeks and consumer prices fell in May, opening the door wider for the U.S. Federal Reserve to help an economy that shows signs of weakening.
Sinopec Corp, Asia’s largest refiner, and South Korea’s S-Oil Corp will process less crude in June to trim high oil products inventories and as refining margins weaken, industry sources said.
The Syrian town of Haffeh was smouldering and nearly deserted on Thursday after days of clashes between government forces and rebels, while activists reported more army assaults on pro-opposition areas across the country.
MARKETS NEWS
The euro rose against the U.S. Dollar for a third day, lifted late in the session by news that central banks stand ready to provide liquidity.
U.S. Natural gas futures surged 14 percent on Thursday but most commodities were steady, with markets ending mixed as investors focused on Greek elections for clues about the outlook for the euro zone, the global economy and raw materials demand.
(AGENCIES)
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