Oil producers from the United States moved greatly to profit from the rally in crude prices which we had for the month of April. This increase in crude runs into about 20% since November last year. By embarking on the sales of future output, the oil producers gain extra support against the slide we have so far had for the year. For sure, there are no clear indications that oil prices would maintain their position as of now and fall no further. This is as it appears more producers look set to add to production capacity. Ernest Moniz who is the U.S. Energy Secretary has voiced his expectations that we could be having a rebalance between global demand and supply of oil possibly in 2017. For last year, Benchmark crude oil prices had dropped down greatly to about lows spanning thirteen years. Today we had oil prices recovering as a weakening dollar and the prospects reduced production from the United States have helped to keep up hope that oil prices might stay up a while longer.
