Oil rose over 2 percent to near $47 a barrel on Monday, extending the previous session's gains of over 4 percent, thanks to a weaker U.S. dollar and optimism that OPEC would cut output again at this month's meeting.U.S. crude [US@CL.1 46.26 0.74 (+1.63%)] for April delivery rose $1.21 to $46.73 a barrel in the Asian, adding to Friday's gains of $1.91. London Brent crude [GB@IB.1 45.13 0.28 (+0.62%)] rose 58 cents $45.43 a barrel. It was the first time since Dec. 11, 2008 that NYMEX crude has gained a premium over Brent at the settlement.
"The U.S. dollar has moved lower a little bit this morning and we are getting closer to the OPEC meeting on March 15, so I guess those factors are offering support," said David Moore, an analyst at the Commonwealth Bank of Australia.
The dollar slid lower versus the euro on Monday, adding to the last session's decline, as investors locked in gains and pared back safe-haven trades on the greenback.
Further encouraging oil's gains were comments from OPEC's secretary general, who said on Friday that low oil prices could provide economic stimulus in the short term, but at the cost of a supply shortfall in future due to low investment. OPEC member Venezuela also said it would propose another output cut if needed as the cartel prepares to meet on March 15, echoing comments from some other members. more...
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