World oil prices on the rise

01 January, 2018, 03:49 | Author: Sheri Evans
  • World oil prices on the rise

Brent crude futures-the global benchmark-were also up, rising 45 cents or 0.7% to $66.61 a barrel, CNBC reported.

Again, the Energy Information Administration data released on Thursday showing a drop in domestic oil production (to 9.75 million barrels per day last week from 9.79 million bpd the week before) was credited for WTI's strong performance, while traders boosted Brent prices on news that China has issued crude import quotas totaling 121.32 million tons for 44 companies in its first batch of allowances for 2018.

"The key driver for the oil market this year has been that the OPEC and Russian production cuts were introduced, complied with and extended", said Ric Spooner, a Sydney-based analyst at CMC Markets.

Kim Kwangrae, a commodities analyst at Samsung Futures Inc.

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Overnight, crude oil prices reached their highest since mid-2015.

West Texas Intermediate crude futures were at $60.21 a barrel, up 37 cents or 0.6% from their last close, after hitting a June 2015 high of $60.32 earlier in the day.

Specifically, slightly more than half the survey's respondents expect the rig count to continue to climb six months from now, but almost all said oil above $60 will be needed for a substantial increase.

Inventories are now down by nearly 20% from their historic highs last March and well below this time a year ago or in 2015. Brent Crude Oil price at London's IСE Stock Exchange up by 0.02% to $66.53 per barrel.

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USA output has surged overall this year, hitting a 46-year high in October when producers pumped 9.6 million barrels a day, according to federal data.

On the supply side, Brent prices have been supported by a year of production cuts led by the Organization of Petroleum Exporting Countries and Russian Federation.

There are also expectations in the market that OPEC's next meeting on November 30 will agree to extend cuts beyond the current expiry date in March 2018.

Countering those cutbacks, U.S. oil production has soared more than 16% since mid-2016 and is approaching 10 million bpd, trailing only OPEC kingpin Saudi Arabia and Russian Federation.

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