Monday, 20 August, 2018

Oil Trades Near Two-Week High After US Stockpiles Plunge

Oil Trades Near Two-Week High After US Stockpiles Plunge Oil Trades Near Two-Week High After US Stockpiles Plunge
Laurie Berry | 24 December, 2017, 02:50

Longer term, analysts said rising crude production in the United States, which is fast approaching 10 million bpd, would also weigh on oil prices, undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, including Russian Federation, to tighten the market.

Novak also downplayed the US influence on the global market, noting that he expected American oil output to grow by 0.6 million bpd in 2018 but that rising USA demand should help offset an increase.

Brent futures were up 20 cents, or 0.3 per cent, at US$64.76 a barrel by 12:32 pm EST (1732 GMT), while US West Texas Intermediate crude was up 24 cents, or 0.4 per cent, at US$58.33 per barrel.

Brent for February settlement lost 29 cents to $64.61/bbl on the London-based ICE Futures Europe exchange after climbing 0.5% Thursday to the highest since June 2015.

"Supply is expected to grow further, paving the way to an oversupplied market, which can again exercise downward pressure on oil prices", consultancy Rystad Energy said in a note.

The energy minister of Saudi Arabia, the world's top crude exporter and OPEC's de-facto leader, said it would take more time to rein in a global supply overhang, which was created by strong global production increases in the years up to 2015.

Oil Trades Near Two-Week High After US Stockpiles Plunge

Oil is poised for a second yearly gain as the Organization of Petroleum Exporting Countries and its allies including Russian Federation cut supply to trim a global glut.

USA crude production hit 9.79 million bpd last week, its highest since the early 1970s, the only time American output breached 10 million bpd.

JBC Energy said "U.S. crude exports are starting to increase".

Oil fell, paring the first weekly gain in a month, as the support from a plunge in US crude inventories faded and traders looked to 2018.

"The passage of the US tax bill is ... a bearish long-term development for oil and gas markets", Barclays bank said.

"The policies. are likely to reduce demand for gas and oil and raise supplies".

Andrew McCabe expected to retire from Federal Bureau of Investigation early next year
Strzok was also key in the Clinton email investigation, which McCabe was a part of leading up to the 2016 presidential election. The two sources declined to elaborate on what exactly McCabe had said, citing the confidential closed-door testimony.

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