Crude Prices Settle Weaker In U.S.

Crude prices ended mixed in the U.S. on Monday as investors awaited more speakers at the world’s largest gathering of energy executives, CERAWeek, in Houston that already caught attention after Iraq’s oil minister Jabbar Al-Luaibi said a six-month coordinated pact between OPEC and key non-OPEC producers will likely need to be extended beyond June 30. On London’s Intercontinental Exchange, global benchmark Brent for May delivery rose 0.20% to $56.01 a barrel, while on the New York Mercantile Exchange crude futures fell 0.24% to $53.20 a barrel.

Iraq’s Luaibi is among a slew of speakers at the week-long industry gathering, with the country pledged to cut production by 210,000 barrels per day (bpd) under the deal to trim nearly 1.8 million bpd from the market.

Earlier, the Paris-based International Energy Agency (IEA) issued a report that said demand will overtake supply by the end of the decade unless exploration and production gathers stronger pace. Fatih Birol, executive director of the IEA, said the supply response to growing demand would be uneven if present trends continue.

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