Crude prices held strong gains in Asia on Monday, shrugging off the latest missile test by North Korea and waiting for the big meeting on May 25 widely expected to extend an oil output cut pact through March 2018.
The U.S. West Texas Intermediate crude June contract rose 0.99% to $51.17 a barrel. Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery were last quoted at $53.88 a barrel.
“It’s a big week for oil with the OPEC meeting in Vienna taking place on Thursday and the market having already digested news that both Russia and the Saudi’s have advocated a nine-month extension … (T)he key question here this week is with price rallying into the meeting, will the outcome live up to expectations or will traders sell the fact?” IG Chief Market Strategist Chris Weston wrote in a Monday note.
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