Oil patch relieved by price rebound

11:45 • 30.04.16

Oil prices finished their best month in a year on Friday and are headed back toward $50 a barrel, bringing some relief to beleaguered energy producers even though they reported some of their worst quarterly results in years, WSJ reported.

Benchmark US oil futures rose 20% in April, despite a slight slip Friday, and have surged 75% since bottoming out in February at a 13-year low. The rally has been more powerful than most analysts and investors anticipated.

Declining US production, corporate cost-cutting and production outages around the world have raised hopes that the crude-oil glut might be easing.

In another sign of growing optimism, shares of Exxon Mobil Corp. rose 0.4% Friday even though the world’s largest publicly traded oil company said its profits shrank 63% to their lowest level since 1999.


So far this year, Exxon shares have risen 13%. Energy stocks in the S&P 500 are up nearly 9% in the past month alone. BP PLC shares rose Tuesday after it reported results that beat analysts’ expectations despite oil prices that averaged about $34 a barrel in the quarter.


Energy analysts have warned that tough times aren’t over yet, especially if rising prices give oil companies confidence to ramp up projects they had suspended when prices were low. Last spring’s oil-price rally to $60 a barrel encouraged some US producers to put new drilling rigs to work—and then prices fell to painful new lows.
 

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