MTECHTIPS:-Crude gains in Asia with OPEC monthly report awaited

MTECHTIPS:-Crude gains in Asia with OPEC monthly report awaited

MTECHTIPS-Crude prices gained in Asia on Tuesday with data on major global inventories ahead this week in a market looking for signs that demand is bringing down swollen stocks. On the New York Mercantile Exchange crude futures for July delivery gained 0.41% to $46.27 a barrel, while on London’s Intercontinental Exchange, Brent rose 0.39% to $48.48 a barrel. A duo of oil reports expected from OPEC and the International Energy Agency (IEA) on Tuesday and Wednesday, respectively will set the tone. For the OPEC report, the comparison to May will be key when it pointed to continued high compliance by its members with the supply deal and said oil stocks in nations fell in March – although they are still 276 million barrels above the five-year average. Supply from the 11 OPEC members with production targets under the accord – all except Libya and Nigeria – fell to 29.674 million bpd last month, according to figures from secondary sources that OPEC uses to monitor output. That means OPEC has complied 111% with the plan, according to analyst estimates, up from an estimate in March of 104%. OPEC did not publish a compliance number. The reports will include an update on the state of global crude stockpiles, providing investors with the opportunity to establish whether OPEC and its allies’ efforts to drain the glut in supply is starting to take shape. OPEC and non-OPEC allies last month agreed to extend production cuts for a period of nine months until March last week, but stuck to production cuts of 1.8 million bpd agreed in November last year.
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