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Brent crude sees best monthly gain in 6yrs

Brent crude sees best monthly gain in 6yrs
Brent futures grew 21.4% by the end of April (Photo credit: Arabianeye-Reuters)

 

Mubasher: By the end of April 2016, Brent crude prices recorded their highest monthly rise since May 2009 on the back of a possibility that members and non-members of the Organisation of Petroleum Exporting Countries (OPEC) may reach an agreement to freeze production.

Although the 17 April Doha meeting proved a failure, resulting in trimming oil's gains, crude Brent futures grew 21.4% by the end of April to $48.5 per barrel, according to data by Market Watch.

Light West Texas Intermediate (WTI) crude gained 19.8% during the month, closing at $45.92, compared to March's closing at $38.84 per barrel.

Baker Hughs Oil Services said on Friday that total oil rigs in the US retreated in the week ended 29 April, for the sixth week in a row, to November 2009 levels.

Total operational rigs also fell by 11 rigs to 332, according to the company's data published on its official website.