Oil prices are close to stability thanks to US supply

Oil prices are close to stability thanks to US supply



29/7/2017 12:00 am

Capitals / Agencies
Oil prices stabilized European market on Friday near the highest level in eight weeks, on its way towards the biggest weekly gain since November 2016 thanks to the decline in the abundance of US supply concerns, with improved demand levels in the largest oil consumer in the world, and price support pledged Saudi Arabia and Kuwait to cut sales to help balance the market.
By 08:43 GMT, US crude was trading around $ 49.05 a barrel from the opening level of $ 49.13, recording a high of $ 49.14 and a low of $ 48.85.
Brent crude was trading around $ 51.55 a barrel from the opening level of $ 51.58, recording a high of $ 51.62 and a low of $ 51.31.
US crude oil rose 0.9 percent on Thursday, hitting an eight-week high of $ 49.22 a barrel, and Brent crude rose 1 percent. 4 percent, the fourth consecutive daily gain.
Over the course of the week, oil prices rose 7.5 per cent on their way to the biggest weekly gain since late 2016, as fears of oversupply in the United States declined.
The US Energy Information Administration announced this week that crude inventories in the country fell by 7.2 million barrels for the week ended July 21, the fourth consecutive weekly decline.
According to the data, total inventories fell to 514 million barrels, the lowest level since the week ending Jan. 13, in a positive sign of improving demand levels in the world's largest oil consumer.
As for the levels of US oil production, the administration announced a decline of 19 thousand barrels per day, the first weekly decline in a month, to a total of 9.41 million barrels per day. Over the course of the week, oil prices rose 7.5 per cent on their way to the biggest weekly gain since late 2016, as fears of oversupply in the United States declined. The US Energy Information Administration announced this week that crude inventories in the country fell by 7.2 million barrels for the week ended July 21, the fourth consecutive weekly decline. According to the data, total inventories fell to 514 million barrels, the lowest level since the week ending Jan. 13, in a positive sign of improving demand levels in the world's largest oil consumer. As for the levels of US oil production, the administration announced a decline of 19 thousand barrels per day, the first weekly decline in a month, to a total of 9.41 million barrels per day. Over the course of the week, oil prices rose 7.5 per cent on their way to the biggest weekly gain since late 2016, as fears of oversupply in the United States declined. The US Energy Information Administration announced this week that crude inventories in the country fell by 7.2 million barrels for the week ended July 21, the fourth consecutive weekly decline. According to the data, total inventories fell to 514 million barrels, the lowest level since the week ending Jan. 13, in a positive sign of improving demand levels in the world's largest oil consumer. As for the levels of US oil production, the administration announced a decline of 19 thousand barrels per day, the first weekly decline in a month, to a total of 9.41 million barrels per day. 5 percent on its way to the biggest weekly gain since late 2016, thanks to easing supply fears in the United States. The US Energy Information Administration announced this week that crude inventories in the country fell by 7.2 million barrels for the week ended July 21, the fourth consecutive weekly decline. According to the data, total inventories fell to 514 million barrels, the lowest level since the week ending Jan. 13, in a positive sign of improving demand levels in the world's largest oil consumer. As for the levels of US oil production, the administration announced a decline of 19 thousand barrels per day, the first weekly decline in a month, to a total of 9.41 million barrels per day. 5 percent on its way to the biggest weekly gain since late 2016, thanks to easing supply fears in the United States. The US Energy Information Administration announced this week that crude inventories in the country fell by 7.2 million barrels for the week ended July 21, the fourth consecutive weekly decline. According to the data, total inventories fell to 514 million barrels, the lowest level since the week ending Jan. 13, in a positive sign of improving demand levels in the world's largest oil consumer. As for the levels of US oil production, the administration announced a decline of 19 thousand barrels per day, the first weekly decline in a month, to a total of 9.41 million barrels per day. 2 million barrels, for the week ended July 21, the fourth consecutive weekly decline. According to the data, total inventories fell to 514 million barrels, the lowest level since the week ending Jan. 13, in a positive sign of improving demand levels in the world's largest oil consumer. As for the levels of US oil production, the administration announced a decline of 19 thousand barrels per day, the first weekly decline in a month, to a total of 9.41 million barrels per day. 2 million barrels, for the week ended July 21, the fourth consecutive weekly decline. According to the data, total inventories fell to 514 million barrels, the lowest level since the week ending Jan. 13, in a positive sign of improving demand levels in the world's largest oil consumer. As for the levels of US oil production, the administration announced a decline of 19 thousand barrels per day, the first weekly decline in a month, to a total of 9.41 million barrels per day.

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