Crude oil futures rose Monday, extending a run of topsy turving trading near the upper end of a stubborn $50-55 a barrel range.
WTI light sweet crude oil for April was up 48 cents to $54.47 a barrel.
Prices have crept higher over the past week amid speculation OPEC’s supply quotas will end the global supply glut by year’s end.
However, surging U.S. output has domestic inventories at record highs, putting a cap on oil prices.
The US oil-rig count increased by five to a total of 602?last week, according to Baker Hughes, nearly double the amount of rigs during the worst of the recent oil crash.
The Commerce Department’s Durable Goods Orders for January will be released at 8.30 am ET. The economists are looking for consensus of 1.8 percent, while the orders declined 0.4 percent last month.
The National Association of Realtors’ Pending Home Sales Index for January will be published at 10.00 am ET. The forecasters are expecting the index to grow by 1.1 percent, down from 1.6 percent in the prior month.
The material has been provided by InstaForex Company – www.instaforex.com