Brent crude futures inched up toUS$58 a barrel, while US crude moved up to US$51.7. Oil prices have inched up amid anticipation of higher prices amid a slowdown in US drilling. The US Energy Information Administration expects US shale production to fall by 45,000 barrels to 4.98 mln bpd in May from April. However, analysts warned of weak fundamentals even as there are tentative signs of demand improvement and rig counts fall to the lowest level since 2010. This could be attributed to an ongoing global market surplus - driven by rising US inventories and record high Saudi Arabian output.
14-Apr-15 
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