Oil prices rise; weak OPEC production in focus

Oil prices moved higher in early Asian trade, with weak crude production from OPEC supporting prices, Oanda market analyst Ed Moya said in a note.

Although the IEA’s oil-reserve release is weighing on sentiment, Moya says this already looks priced in.

So “that leaves the risks heavily tilted to the upside as OPEC remains … unable to hit the quotas” it had earlier set. 

“That could leave Brent prices ranging between $100 and $120 for now, with WTI more like $95-115,” he added. 

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Front-month Brent is 1.3% higher at $113.18 per barrel and WTI rose 0.9% to $107.94 per barrel.