Investing.com - US crude edged higher in Asia on Monday in thin trading with China and other countries in the region shut for holidays.
U.S. West Texas Intermediate (WTI) crude futures for April delivery rose 0.28% to $61.72 a barrel. ICE April Brent crude futures, the benchmark for oil prices outside the U.S., were last quoted at $64.88 a barrel.
Weekly estimates of crude and refined product stocks from the American Petroleum Institute and official data from the Energy Information administration will be delayed by a day this week to Wednesday and Thursday respectively.
Markets in Hong Kong, Taiwan, Vietnam, China, the US and Canada are shut on Monday. Japan reported trade data for January with a deficit of ¥943 billion, narrower than the ¥1.0 trillion seen. Exports jumped 12.2%, beating the 10.3% gain expected and imports rose 7.9%, less than the 8.3% rise seen on year.
Last week, oil prices finished higher for a third straight session on Friday to score a weekly gain, as investors weighed OPEC's ongoing efforts to rid the market of excess supplies against indications of rising U.S. production.
Sentiment was boosted after United Arab Emirates energy minister Suhail al-Mazroui said that major oil producers, led by Saudi Arabia and Russia, aim to draft an agreement on a long-term alliance to cut output by the end of this year.
That came after Saudi Energy Minister Khalid al-Falih said earlier in the week his country will be “sticking” with its policy to withhold production throughout 2018.
The Organization of the Petroleum Exporting Countries (OPEC), along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018.
The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.
However, fears that rising U.S. output would dampen OPEC’s efforts to rid the market of excess supplies prevented prices from rising much farther.
The number of oil drilling rigs rose by 7 last week, Baker Hughes energy services firm said in its closely followed report on Friday. The count has risen by 51 oil rigs in the last four weeks, putting the total at a nearly three-year high of 798.
U.S. oil production, driven by shale extraction, rose to an all-time high of 10.27 million barrels per day (bpd), last week, putting it above top exporter Saudi Arabia and within reach of Russia's output levels.
Analysts and traders have recently warned that booming U.S. shale oil production could potentially derail OPEC's effort to curb excess supply.