Oil prices stay near high on strong U.S. refinery runs, China data
Oil prices stay near high on strong U.S. refinery runs, China data
Oil prices stay near high on strong US refinery runs, China data
30 December, 2017, 03:56
Crude oil prices have been on a rise ever since the oil producing group Opec made a decision to extend output cuts.
WTI crude is now trading at $59.83/bbl, just below the $60.01/bbl reached in intraday trading earlier this week.
In today's poll, the experts surveyed by Reuters also raised their average forecast for Brent to $59.88 per barrel next year, up from the previous projection of $58.84 a barrel.
The U.S. Energy Department said crude stocks fell 4.6 million barrels in the latest week. Brent has surpassed 2015 levels and is trading around $64.75 per barrel level, while WTI is strongly holding $58 per barrel level in the worldwide market. Inventories excluding the nation's strategic reserve have declined more than 11 per cent in the a year ago.
Earlier this year, oil prices slumped on concerns that rising crude production from Nigeria, Libya and elsewhere would undermine output cuts led by the Organization of the Petroleum Exporting Countries and Russian Federation. OPEC cuts kicked off last January and are scheduled to continue throughout 2018.
"We see USA supply continuing to grow next year but are less concerned about a sudden supply glut re-emerging as rising D&C [drilling and completion] costs will likely slow production growth", Ashley Petersen at Stratas Advisors told Reuters.
Extreme cold weather across much of North America could also boost US crude prices by causing production problems in the oilfields. China's crude inventories in November hit a seven-year low of 26.15 million tonnes, Xinhua data showed.
Pipeline outages in Libya and the North Sea have also been supporting oil prices.
Libya is to start repairing the pipeline near the Es Sider terminal this weekend, a Libyan oil official said, while the Forties pipeline was already pumping close to normal levels, according to trading sources.
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