Oil futures traded on a positive note early Monday, rebounding from last week's rout. But the rally was shortly offset by lack of demand-related data from the world's largest economy.
The energy markets is still stuck sideways, although prices rebounded from last week's losses fueled by expectations of improved weather conditions in the US. However, the selling pressure seems to weigh on the markets, following a run of disappointing data from the world's largest economy last week. On the other hand, falling stockpiles over the past few weeks due to the wicked cold weather helped prices rise for the first time in three days.
Meanwhile, prices were supported again by speculation of stronger demand across the group of 20 major economies. As of 03:18 a.m. ET:
- WTI Crude for April delivery rose 0.27% to $102.48 a barrel
- Brent Crude rose 0.16% to $110.03 a barrel
With lack of key demand-linked data to watch on the US daily calendar today, oil traders will be weighing the silver lining the G-20 countries had offered over the weekend; a new growth target which involves adding an extra 2% to global output over five years.
The finance ministers and central bankers of the G-20 ended a two-day meeting on Sunday, with a promise to take solid action to boost investment and employment.