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International benchmarks for oil prices inched up on Friday (2 April) as OPEC official said the group might revive discussion about production freeze in the next meeting on 2 June. Moreover, the number of oilrig count in the US fell by 8 last week, according to data from Baker Hughes Inc.; strengthening confidence that oversupplied market might continues to ease later this year. However, some analyst warned about the unlikelihood that OPEC could agree on any output deal in the next meeting in June after embarrassed outcome last Sunday talk. And that stances Saudi Arabia has on Iran might prevent any deal being made. Moreover, the recent supply disruption in Kuwait Nigeria and Venezuela are very much of temporary and chances that oil market might fall again in the near term before it could balance up with demand in the third quarter, industry experts said.

WTI closed at $43.73/barrel (+$0.55) June delivery

Brent closed at $45.11/barrel (+$0.58) June delivery