OIL PRICE: ABOVE $63

REUTERS, BLOOMBERG - Oil prices rose by 1 percent on Monday, recovering at least some of last week's steep losses as Asian stock markets found their footing after days of chaotic trading.

Looming over oil markets, however, was rising production in the United States which is undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to tighten markets and prop up prices. 

Brent crude futures were at $63.42 per barrel at 0250 GMT, up 63 cents, or 1 percent, from the previous close.

U.S. West Texas Intermediate (WTI) crude futures were at $59.83 a barrel. That was up 63 cents, or 1.1 percent, from their last settlement.

The firmer prices came after crude registered its biggest loss in two years last week as stock markets slumped.

But with U.S. stock markets rebounding on Friday and Asian markets seemingly steadying on Monday, analysts said crude was also supported.

"The bounce in U.S. stocks means some catch-up is possible (for oil)," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

McKenna said markets on Monday were quiet as "the incentive for traders in Australia or Asia to do anything without the lead of the U.S. is likely to be lacking," referring to recent U.S. stock market volatility.

It is also a holiday in Japan.

But oil markets still face soaring U.S. oil production, which has risen above 10 million barrels per day (bpd), overtaking top exporter Saudi Arabia and coming within reach of top producer Russia.

There is a strong indication that output will rise further.

U.S. energy companies added 26 oil rigs looking for new production this week, boosting the count to 791, the highest since April 2015, General Electric's Hughes energy services said on Friday.

The soaring U.S. output is undermining efforts led by OPEC and Russia to withhold production in order to push up prices.

The cuts started in 2017 and are set to last through 2018.

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Earlier: 

2018, February, 9, 11:10:00 OIL PRICE: ABOVE $64 REUTERS - Brent futures were down 44 cents or 0.7 percent, at $64.37 a barrel by around 0700 GMT. On Thursday, Brent fell 1.1 percent to its lowest close since Dec. 20. U.S. West Texas Intermediate (WTI) crude was down 62 cents, or 1 percent, at $60.53 a barrel, having settled down 1 percent in the previous session at its lowest close since Jan. 2. Русский | English

2018, February, 7, 08:25:00 OIL PRICE: ABOVE $67 YET BLOOMBERG - West Texas Intermediate for March delivery rose as much as 79 cents to $64.18 a barrel and traded at $63.88 as of 11:39 a.m. in Singapore. The contract fell 76 cents to $63.39 on Tuesday. Total volume traded was about 16 percent above the 100-day average. Brent for April settlement rose 46 cents to $67.32 a barrel on the London-based ICE Futures Europe exchange, snapping a three-day decline. The global benchmark crude traded at a premium of $3.73 to April WTI.

2018, February, 5, 08:00:00 OIL PRICE: ABOVE $67 REUTERS - Brent was down 68 cents, or 1 percent, at $67.91 a barrel at 0344 GMT, after falling 1.5 percent on Friday. Brent’s weekly drop was 2.75 percent last week. U.S. West Texas Intermediate (WTI) crude declined 72 cents to $64.73 a barrel, after dropping 0.5 percent in the previous session. WTI fell by 1 percent during the last week.

2018, February, 2, 12:30:00 OIL PRICE: STILL ABOVE $69 REUTERS - Brent futures, the global benchmark, were up 24 cents, or 0.3 percent, at $69.89 a barrel by 0635 GMT. U.S. West Texas Intermediate (WTI) crude was up 33 cents, or 0.5 percent, at $66.13 a barrel. Русский | English

2018, January, 31, 11:10:00 OIL PRICE: ABOVE $68 AGAIN REUTERS - Brent crude futures LCOc1 for March delivery settled down 44 cents, or 0.6 percent, at $69.02 a barrel after touching a session low of $68.40. U.S. West Texas Intermediate futures CLc1 fell $1.06, or 1.6 percent, to close at $64.50 a barrel. Русский | English

2018, January, 29, 08:45:00 OIL PRICES: ABOVE $70 YET REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $66.34 a barrel at 0144 GMT, up 20 cents, or 0.3 percent, from their last settlement. Brent crude futures LCOc1 were at $70.49 per barrel, 3 cents below their last settlement.

2018, January, 26, 12:40:00 OIL PRICES: ABOVE $70 REUTERS - Brent crude futures were at $70.22 per barrel at 0556 GMT, down 20 cents, or 0.3 percent, from their last close. Brent the previous day marked its highest since December, 2014 at $71.28. U.S. West Texas Intermediate (WTI) crude futures were at $65.38 a barrel, down 13 cents, or 0.2 percent from their previous close. WTI also touched its highest since December, 2014 in the last session at $66.66.