Crude futures extend gains
SINGAPORE, May 9, 2016 – Crude futures saw gains early on Monday as Asian traders responded to reduced Canadian output and the change of the guard at Saudi Arabia’s Ministry of Oil. At 06:30 am GMT, WTI stood at USD 45.44 per barrel. Brent futures neared USD 46-territory, coming out USD 45.93 per barrel.
The wildfires in Alberta’s Fort McMurray area, which broke out on May 1, have since reduced oil production by 1 million bopd. Improved weather conditions should enable fire fighters to more effectively combat the blaze. “This is great firefighting weather, we can really get in here and get a handle on this fire, and really get a death grip on it,” an Alberta fire official said on Sunday.
New Saudi Oil Minister Khalid Al Falih’s pledge on Sunday to keep pumping at near-record levels and a fall in Chinese exports and imports are expected to poor cold water on oil price gains.