Domestic oil futures notched a slight gain on Monday as an uptick in U.S. production appears imminent based on a rise in last week’s active rig count, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, April WTI crude tacked on 6 cents, or 0.1%, to settle at $54.05 a barrel.
On London’s ICE Futures Exchange, April Brent crude, the global benchmark, which expires Tuesday, fell 6 cents, or 0.1%, to end trading at $55.93 a barrel. The April contract expires Tuesday.
WTI oil prices have been trading between $50 and $55 this entire year, “which is a relatively narrow range for prices to maintain for months…and a breakout will eventually happen,” said Daniel Waters, commodity analyst at Schneider Electric. “The question is: in what direction?”
Back on the New York Mercantile Exchange, April natural gas lost 9.4 cents, or 3.4%, to $2.693 per million British thermal units as forecasts for warmer weather dulls demand prospects for the fuel. Prices have posted losses in each of the last four weeks.