Oil stocks surged in the pre-market,
$诺贝尔能源 (NBL.US)$ jumps over 20%, while
$阿帕奇石油 (APA.US)$,
$戴文能源 (DVN.US)$, and
$西方石油 (OXY.US)$ edge up more than 10%.
OPEC and its allies finalized on Saturday an extension of their record oil-production curbs through July, delegates said, after Iraq and Nigeria agreed to slightly deeper cuts to compensate for their failure to adhere to recent agreements.
Professional's comment:
Massive stimulus by central banks has fed into energy markets, and crude prices now imply a robust economic recovery, said Suvro Sarkar, the regional energy analyst at DBS Bank.
"The oil market is looking a bit too optimistic," Mr. Sarkar said, and could sell off if, for example, countries were unwilling to maintain supply curbs. At the same time, Brent crude could climb to about $50 a barrel by year-end if rising demand and this year's output cuts tip the global oil market into a supply deficit for next year.