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Oil rises as global demand rises


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Oil rises as global demand rises

Post by rocky on Sat 12 Aug 2017, 3:23 am

Oil rises as global demand rises


Oil prices rose slightly as US crude inventories and instability fell, along with robust growth in global demand at a time of slow market rebalancing.

Brent crude <LCOc1> rose 20 cents to settle at $ 52.10 a barrel, or 0.39 percent, to $ 52.10 a barrel, while the WTI rose 23 cents, or 0.47 percent, to $ 48.82 a barrel.

US crude fell 1.5 percent on a weekly basis, while Brent crude fell 0.6 percent.

The International Energy Agency (IEA) said it adjusted the standard demand data for 2015 and 2016, which means that a low demand base in 2016 and 2017 coupled with a lack of change in high supply data could slow the initial drawdown rate.

US companies have increased the number of oil drilling platforms for the second week in the past three weeks, but the pace of growth has slowed in recent months as companies cut back on their spending plans amid falling crude prices, data showed on Friday.

The companies added three drilling platforms in the week ending August 11, bringing the total number of platforms to 768, the highest since April 2015.

US inventories fell 6.5 million barrels last week, according to data from the Energy Information Administration. Sf
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Re: Oil rises as global demand rises

Post by Screwball on Sat 12 Aug 2017, 5:24 am

And it will keep on rising waR drums are beating!

    Current date/time is Thu 19 Jul 2018, 6:21 pm