Oil prices surged on Tuesday

International benchmarks for oil prices continued to march higher on Tuesday (12 April) as the widely expected meeting between major oil producers is drawing nearer. Russia told news agency that they hope to reach the agreement despite disagreement between Saudi Arabia and Iran. Market remained divided about the outcome of the meeting with some are very dismissive that the meeting would have much effect on the market while others see this as a prelude to an output cut later in the year. Meanwhile, expectation of declining U.S. oil supply also boosted prices. the EIA on Tuesday has lowered its forecast on US production output for 2016-2017 while in its near term outlook report, the EIA said that US crude production fell by 90,000 barrels a day in March from February.

WTI closed at   $41.61/b (+$1.25) May delivery
Brent closed at $44.28 /b (+$1.45) June delivery

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