US West Texas Intermediate(WTI)and UK Brent crude oil benchmark prices were fairly steady but ultimately inched up in the week to April 18,extending WTI's rally to seven straight weeks and Brent's to four.Ongoing concerns about global oil supplies kept a floor under the futures complex.The market was closed on Friday,April 19 for the Good Friday holiday.Oil prices dipped on Monday,following comments from a Russian official indicating that OPEC+'s largest producer may quit die partnership in order to boost output in an attempt to counter surging US production and exports.Russian Finance Minister Anton Siluanov said the US is taking a larger share of the market as OPEC+ is considering extending its 1.2MM-b/d production cuts beyond the June expiry date.“There is a dilemma.What should we do with OPEC: should we lose the market,which is being occupied by the Americans,or quit the deal?” Siluanov remarked.“(If the deal is abandoned)the oil prices will go down.Then,the new investments will shrink.American output will be lower,because die production cost for shale oil is higher than for traditional output.” Siluanov added that,even if Russia backs out of die deal,Saudi Arabia,which is the de facto leader of OPEC,likely will continue to cut production.
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