"Oil prices regain stability as traders assess new market fundamentals"

" Oil prices regain stability as traders assess new market fundamentals \r\n\r\nCrude oil prices started the week steady, with Brent crude trading close to $85 per barrel and West Texas Intermediate at close to $80.50 per barrel as supply constraints came into focus.\r\n\r\nThe calmer start of the week follows last week\u2019s 7% spike in prices - most of which took place on Monday - after OPEC+ announced additional production cuts that would bring the total curbs to 3.6 million bpd.\r\n\r\nCurrently, according to Bloomberg, traders are busy assessing the impact of the announcement on global oil supply. These may become a bit clearer later this week when OPEC and the International Energy Agency release their new monthly oil market reports.\r\n\r\nBloomberg also noted that Russia\u2019s oil production had reportedly fallen by 700,000 bpd instead of the announced 500,000 bpd in March but added that data on refinery inputs and exports was inconsistent with the first figure.\r\n\r\n\u201cEconomic data will form a key input this week for energy markets,\u201d Charu Chanana, market strategist for Saxo Capital Markets, told Bloomberg. \u201cGiven that the OPEC decision was partly intended to drive out short sellers from the crude oil market, oil prices may be better able to reflect market fundamentals.\u201d\r\n\r\n\"Those who were bearish are questioning the demand outlook in light of the cuts, whilst clearly those who were bullish are now seeing even a tighter market over the second half,\" the head of ING\u2019s commodity research, Warren Patterson, told Reuters.\r\n\r\nMeanwhile, additional constraints on supply come from Iraq, where shipments of crude from Kurdistan have yet to restart. On the other hand, more weak economic data from the United States this week would intensify pressure on prices.\r\n\r\nThe March CPI report is due out on Wednesday and if it shows higher inflation still, it could lower prices despite the growing supply concerns. A poll by Reuters has suggested this won\u2019t be the case and inflation cooled off to 5.2% in March from 6% in February."

"Oil prices regain stability as traders assess new market fundamentals"

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