Oil prices tumbled on Friday

International benchmarks for oil prices tumbled on Friday (1 Apr) ending the six weeks continuous gains in prices. Data from Baker Hughes on the same day showed that the number of active gas rigs in the US declined by 4 last week; however, the news was overshadowed by Saudi Arabia’s deputy crown prince comment that the county would only cap production output if only Iran and other major producers follow. The outcome of the long awaited meeting between major oil producers this 17 April therefore was undermined. Market refocused on the worsening global supply glut with US commercial crude inventories rose again to the near record high, Iran and Libya wow to revamp production output and Saudi and Russia are still pumping at a near-record pace.

WTI closed at   $36.79/b (-$1.55)

Brent closed at $38.67/b (-$1.66)

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