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Oil prices high on expectations of U.S. inventory drains

13 Enero 2018, 08:37 | Dolorita Barahona

Oil prices high on expectations of U.S. inventory drains

Brent crude breaks $70 a barrel level for first time since 2014

The decline was mainly a result of the November 2016 OPEC production agreement that aimed to limit OPEC crude oil output to 32.5 million b/d. West Texas Intermediate, the US benchmark for the price of oil, was up 0.41 percent to $63.83 per barrel.

The Organisation of Petroleum Exporting Countries' (OPEC) attempt to curb global oil production among member states and its allies are also helping, while supply of crude is further threatened by geopolitical instability in Iran and Venezuela.

The price of a barrel of Brent crude passed US$70 on 11 January, the first time it has done so since late 2014.

Relatively weak China December oil data weighed on prices, traders and analysts said. Accordingly crude import bill will rise by around USD 1.5 billion for every dollar increase in crude price, the report said.

However, U.S. production dropped sharply, though those figures are not considered as reliable as monthly data, which is released with a lag.

Federal U.S. estimates show total crude oil production hit 9.78 million barrels per day in the week ending December 15, a record high that Craig said was out of reach because of the recent U.S. cold snap. Whether that happens depends on how quickly USA oil exploration and production companies can ramp up more drilling.

Last year, Opec and other nations including Russian Federation said they would extend a deal to cut production to help support oil prices that had fallen below $50 a barrel when the agreement was struck in 2016.

Brent for March settlement gained as much as 51c, or 0.8%, to $68.29 a barrel on the London-based ICE Futures Europe exchange after adding 0.2% on Monday.

Since December 2014, it is for the first time that the oil has hit the value of $70 per barrel. Export price index is expected to be 0.3%, down from 0.5% a month ago.

World oil prices rise on Wednesday morning after the publication of the data of the American Petroleum Institute (API) on the reserves of "black gold" in the USA, gaining a foothold on the record levels achieved the day before.

OPEC's aim is to ensure the stabilisation of oil markets.

Over the last four weeks, motor gasoline product supplied averaged about 9.1 million barrels per day, up by 2.5 percent from the same period past year.

As of Wednesday, the oil price touched $69.26 per barrel, the highest since June, 2015.

From the middle of 2014 motorists in the United Kingdom began to benefit from falling pump prices, culminating in December 2015 when a few low-priced retailers sold both petrol and diesel for under £1 a litre.

What's the Fair Price of Crude Oil Today?



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