Oil prices rallied on Monday

The international oil benchmarks advanced on Monday (22 Feb) follow an IEA report, which see the oil market to regain balance in 2017. The IEA foresee that global oil demand would pick up in a slow pace next year while continuous cut back in oil production investment would eventually lead to lower output, especially among US shale producers. Besides, the market is also assessing the possible agreement in capping production output at Jan’s level among major producers. Russian oil minister has set a deadline for the discussion to be end of this month.

WTI closed at   $31.48/barrel (+$1.84/b)
Brent closed at $34.69/barrel (+$1.68/b)

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