Oil prices have pared intraday losses
Oil prices have pared intraday losses. Front-month NYMEX futures down 0.2% presently, at $52.25, up from the intraday low at $52.16. Prices remain off last week's $53.15 peak and comfortably above last week's low at $50.71 (which is a one-month nadir). Saudi Arabia's oil minister mused today that the agreed supply cut of major crude producers may not have to be extended after June, "given the level of compliance ... and given the expectations of demand." Regarding the expected pickup in demand he said that "analysts want to make sure that the market is supplied well" to avoid crating a short squeeze. Added that the six-month output deal, which started on January 1, could always be extended.