MTECHTIPS;-Crude gains in Asia as OPEC and allies set to meet this month on curbs

MTECHTIPS;-Crude gains in Asia as OPEC and allies set to meet this month on curbs

MTECHTIPS-Crude rebounded mildly in Asia on Monday with an OPEC and allies meeting later this month on the state-of-play for production cuts coming into sharper focus. The U.S. West Texas Intermediate crude August contract rose 0.86% to $44.61 a barrel. Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery was last quoted up 0.51% to $47.07 a barrel. Fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer. Meanwhile, investors will keep an eye out for monthly reports from the Organization of Petroleum Exporting Counties and the International Energy Agency to assess global supply and demand levels. In the week ahead, investors will focus on Fed Chair Janet Yellen’s testimony on monetary policy as well as U.S. data on inflation and retail sales, due out on Friday, and trade data from China on Thursday. Last week, oil prices fell sharply on Friday to log their sixth weekly loss in the past seven weeks, as concerns over a glut in the market continued to weigh on sentiment. For the week, WTI lost $1.81, or about 3.9%, while Brent fell $2.06, or roughly 4.2%, their sixth such loss in seven weeks.

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