Monday, 20 November, 2017

Crude Oil Mixed In Asia After Disappointing API Estimates, Middle East Eyed

Oil eases from two-and-a-half year highs, focus on Saudi tensions US oil inventories unexpectedly increase
Frank Williams | 10 November, 2017, 02:51

Still, traders expressed caution that the oil price rally may have run its course after pushing up Brent more than 40 percent since July.

On Saturday, Saudi authorities detained 11 princes, four sitting ministers and a dozen of former ministers in a massive anti-corruption sweep.

More tellingly, tensions escalated between OPEC members Saudi Arabia and Iran, which analysts said did more to rattle the market than the prince's purge.

"It is business as usual for both banks and corporat [ions]", the official Saudi Press Agency stated.

The West Texas Intermediate for December delivery rose 1.71 USA dollars to settle at 57.35 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery jumped 2.20 dollars to close at 64.27 dollars a barrel on the London ICE Futures Exchange.

Oil prices steadied just below two-year highs on Thursday, supported by supply cuts by major exporters, but analysts said the market could be vulnerable to a sell-off after several months of gains.

Democrats Win Seats in Delaware County, Nationwide
Landau said Democrats focused on getting out their voters. "We were very reactionary", she said of preparing this year's budget. Landau said voters got "your vote really counts and the most important thing you can do is come out in this election".

US supermajor ConocoPhillips said Wednesday its three-year spending plan was supported so long as WTI held above $50 per barrel.

Iran's light crude gained $1.32 to $57.45 per barrel while Iran Heavy, one of the country's main export grades, traded up 40 cents to $54.95 in the week to October 27, Shana reported on Tuesday, citing an Oil Ministry report. Gasoline stocks rose by 520,000 barrels, while distillate inventories slipped 3.133 million barrels.

Crude-oil stockpiles rose by 2.2 million barrels to 457.1 million barrels and remain in the upper half of the average range for this time of year, the EIA said.

USA output expanded for a third week to 9.62 million barrels a day, the highest in weekly Energy Information Administration data going back to 1983.

"EIA expects global oil supply growth to outpace global oil demand growth in 2018, contributing to global oil inventories rising by a forecast 0.3 million barrels per day in 2018, compared with an estimated 0.2 million barrels per day draw in 2017", the report read.

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