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Oil climbs with the decline in US fuel stocks and lower production forecasts
Petroleum
Oil prices climbed by more than one percent on Wednesday to enhance the previous day's gains as the US government cut its forecast for the production of crude in the next year, as well as falling fuel stocks.
By 0657 GMT, futures increased global crude measurement Brent 60 cents, or 1.3 percent, to $ 48.12 a barrel. The futures rose for WTI 68 cents, or 1.5 percent, to $ 45.72 a barrel.
And it increased by about 1.4 percent Van on Tuesday.
The American Petroleum Institute said US crude stocks fell 8.1 million barrels in the week ending on the seventh of July to 495.6 million barrels in the signal that the oversupply of long-standing fuel began to shrink.
The US Energy Information Administration late on Tuesday it expects to increase crude oil production next year to 9.9 million barrels per day from 9.3 million barrels per day this year, up 570 thousand barrels per day. This less than forecast last month, an increase of 680 thousand barrels per day on an annual basis, which added to the upward trend of prices.
At the same time, the production of the Organization of the Petroleum Exporting Countries still (OPEC) is high despite the Organization pledged to cut production during the period from January to the end of March next year, in order to create a balance between supply and demand in the market and support prices.
http://economy-news.net/content.php?id=8210
Petroleum
Oil prices climbed by more than one percent on Wednesday to enhance the previous day's gains as the US government cut its forecast for the production of crude in the next year, as well as falling fuel stocks.
By 0657 GMT, futures increased global crude measurement Brent 60 cents, or 1.3 percent, to $ 48.12 a barrel. The futures rose for WTI 68 cents, or 1.5 percent, to $ 45.72 a barrel.
And it increased by about 1.4 percent Van on Tuesday.
The American Petroleum Institute said US crude stocks fell 8.1 million barrels in the week ending on the seventh of July to 495.6 million barrels in the signal that the oversupply of long-standing fuel began to shrink.
The US Energy Information Administration late on Tuesday it expects to increase crude oil production next year to 9.9 million barrels per day from 9.3 million barrels per day this year, up 570 thousand barrels per day. This less than forecast last month, an increase of 680 thousand barrels per day on an annual basis, which added to the upward trend of prices.
At the same time, the production of the Organization of the Petroleum Exporting Countries still (OPEC) is high despite the Organization pledged to cut production during the period from January to the end of March next year, in order to create a balance between supply and demand in the market and support prices.
http://economy-news.net/content.php?id=8210
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