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Brent crude at $ 63 a barrel
12/11/2017 12:00 am [rtl]Capitals / follow-up morning Crude oil futures fluctuated in a narrow, sloping range close to a 28-month high, shrugging off the US dollar's lowest level since October 26, according to the inverse relationship between them following developments and economic data last week on the US economy. US crude oil futures fell 10 cents to $ 57.06 a barrel on Friday, compared with the opening at $ 57.17 a barrel. Brent crude futures for January delivery fell 0.08 percent to $ 63.88 a barrel. Compared with the opening at $ 63.93 a barrel. This comes hours after the weekly report of the Department of Energy Information for oil inventories to surplus by about 2.2 million barrels last week last Friday against a deficit of about 2.4 million barrels in the previous weekly reading, other than expectations of a deficit of about 2.5 million barrels, to see the rise of stocks to about 457.1 Million barrels, stocks remain near the upper range of the medium term for such a time of year. Fuel stocks The report also showed that US motor fuel stocks fell by 3.3 million barrels, while inventories remained within the average range for this time of year. Stocks of distillates including heating oil fell by 3.4 million barrels, Within the ancestral range of the medium term for such a time of year. Global production cuts Earlier this week, OPEC Secretary-General Mohamed Barkindo said there were ongoing discussions among all parties aimed at uniting the view of extending the 1.8 million barrel-per-day (bpd) global production reduction agreement, led by Saudi Arabia in OPEC and Russia, Producers, adding that so far no country has shown any opposition to the proposal to extend the reduction beyond March, adding that it is seeking to attend more countries in the meeting of the organization expected at the end of November . High supply The Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday that demand for the Organization's oil supply could reach 33.10 million barrels per day by 2019, compared with the Organization's demand for 32.70 million bpd in 2016, At around 33.70 million barrels per day for the same year. Otherwise, the report also mentioned that the increase in demand for electric cars could cause demand for oil to peak in the second half of 2030 at about 109 million barrels per day. Crude oil futures have hit their highest level since early July 2015 at the beginning of this week following political developments in Saudi Arabia, the world's top crude exporter, last weekend.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=147313[/rtl] |
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