Crude oil prices moved higher 

International benchmarks for oil prices edged higher on Monday (21 March) in spite of the fact that the market was technically lack of any major news. The market buoyed in the late trading session on a private data showing that oil inventories at the key US delivery hub in Cushing, declined last week, WSJ reported. Official data from the US Energy Department will be released on Wednesday.     

Meanwhile, a scheduled meeting between major OPEC members and non-OPEC countries this April 17 to close an agreement on freezing production output has also fuelled market optimism. However, analysts expected higher crude oil prices would encourage US shale oil producers to put rigs back on line, which would eventually put pressure on market again.

WTI closed at   $39.91/b (+$0.47)
Brent closed at $41.54/b (+$0.34)

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