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Brent is close to $ 63 a barrel


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Brent is close to $ 63 a barrel

Post by rocky on Thu 15 Feb 2018, 2:56 am

Brent is close to $ 63 a barrel
US WTI crude futures were trading at $ 59.19 a barrel, unchanged from the last settlement. US crude traded above $ 65 a barrel in early February.
Brent crude futures were up 9 cents from the previous settlement to $ 62.81 a barrel, and Brent exceeded $ 70 a barrel earlier this month.
Oil prices have stabilized, supported by comments that Saudi crude production will fall in March as well as strong economic growth and a weaker dollar.
However, crude prices remained below recent highs due to signs of continued oil supply oversupply, including rising US inventories and abundant oil flows worldwide.
The Ministry of Energy, Industry and Mineral Resources said that Aramco's production of oil in March, will be lower than the levels of February by 100 thousand barrels per day, while exports will remain below 7 million barrels per day.
Traders reported that continued weakness in the US dollar, coupled with strong economic growth, also contributed to the oil markets, but some analysts cautioned that not all indicators are indicative of market strength.
The US Petroleum Institute announced that oil inventories in the United States increased by 3.947 million barrels during the week ending February 9, while analysts' forecasts indicated a rise of 2.8 million barrels.
Gasoline inventories rose by 4.634 million barrels last week, while distillate stocks - including heating oil and diesel - rose by 1.1 million barrels.
The International Energy Agency warned of the growth of US production, which could affect the stability of the OPEC agreement to reduce production, and said that production in the United States, which has unusual waves may lead to dramatic changes in the agreement, "OPEC" to reduce production.
The increase in US supplies could mean that the oil market may suffer from oversupply again, thereby eroding the impact of lower supplies stemming from the restrictions imposed by the Organization of the Petroleum Exporting Countries (OPEC) and non-member countries led by Russia.

    Current date/time is Fri 18 Jan 2019, 9:59 am