Analysts at ANZ noted that crude oil prices were slightly higher on Friday but recorded its third weekly loss as growing output and inventories continued to weigh on the market.
Key Quotes:
"Baker Hughes data showed the number of oil rigs operating in the US rose another 21 to 625 last week. This followed on from an EIA report that showed US crude oil production rose for a fifth week to 9.13 mb/d. However, the market is likely to respond well to news that OPEC members are close to extending the production cut agreement. The small compliance committee consisting of five members (as well as Oman) recommended the agreement be extended when the wider group meets in May. Kuwait went even further, suggesting it should be continued until the end of the year. It did report that compliance in February was 106% for OPEC members, while non-OPEC nations were are 64%. That resulted in a overall compliance of 94%."
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