Oil hits two-week high on share market recovery, Middle East tensions

April contract West Texas Intermediate (WTI) crude futures added 0.4 percent to $61.81 per barrel, driven by Friday's gains, as trading in the USA temporarily halted on Monday for President's Day.

Traders said that WTI prices found support on the reduced productions from Canada's Keystone Pipeline System, which has lessened Canadian supplies in the USA due to a leak that has slowed operating capacity since late 2017. MCX Crude oil futures ended up 0.82% at Rs 3940 per barrel in last session. "Oil got mild support from gains in Asian equity markets, but has been getting pressure from the rise in US rig count and a slight recovery in the dollar".

Additionally, while Russian Federation pledged to stand with OPEC, late past year the country's producers dramatically ramped up output just before they were due to renew their production-curbing deal with the cartel. Brent crude futures LCOc1 were at $62.68 per barrel, down 4 cents.

Barkindo added that global oil demand for 2018 is estimated to grow 1.6 million barrels per day due to an "encouraging environment".

Barkindo said compliance a year ago stood at 107 percent and that OPEC and non-OPEC producers would hold a technical meeting in June.

Saudi energy ministry Khalid al-Falih said last week that production by state oil company Aramco in March will be 100,000 bpd below February's level, suggesting Saudi Arabia will continue to pump less than its OPEC target.

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Saudi Arabia-the de facto head of OPEC-and Russian Federation indicated last week a willingness to stick an agreement that has helped hold back global production by almost 2%, while boosting crude prices by more than 50% in the second half of 2017.

Unfortunately for investors, there's a chance that the dissolution of the pact is exactly what will come to pass. Iraq is investing in infrastructure to boost their production capacity, Iran's oil minister has hinted at increased output, and Angola will be able to add 250,000 barrels to their daily production by the end of the year, when a large new oil field is due to begin production.

The American Petroleum Institute (API) is set to state its forecast regarding the U.S. crude supply on Wednesday.

Markets now eagerly await the US API crude stockpiles report for fresh insights on the US supply-side scenario, which will shape up the next direction for the prices.

In the commodity markets, the gold depreciated for third consecutive session after the USA dollar recovered from its three-year low last week.

The most active US crude futures contract for delivery in April settled up 24 cents at $61.79 a barrel.

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