Oil prices stabilize at the highest level in five months
14:27 - 16/09/2017
Information / Baghdad ..
Brent crude prices have stabilized near their highest level in five months, heading for the biggest weekly gain since late July on expectations of increased demand and a gradual resumption of operation of US refineries.
The Organization of the Petroleum Exporting Countries (OPEC) this week expected a higher demand for its oil in 2018 and hinted signs of an improvement in the global market, noting that its cut production deal with outside producers was helping to reduce the supply gap.
This was followed by a report by the International Energy Agency (IEA), which said supply bottlenecks were being squeezed by strong European and US demand and lower supply from OPEC and independent producers.
Global Brent crude <LCOc1> rose 15 cents to settle at $ 55.62 a barrel, while global benchmark crude rose for the third week in a row, up 3.3 percent, the highest since late July.
West Texas Intermediate crude did not change the settlement at $ 49.89 a barrel but gained a weekly gain of about 5 percent, also the best in about two months.
Weekly data showed that the number of oil rigs in the United States, an early indicator of future production, fell at the highest pace since January in the week ending September 15 as 14-month drilling was halted by weak crude prices.
Oil investors are also focusing their attention on other effects of increased demand for crude due to the resumption of US oil refineries after a hurricane caused a disruption. Ending / 25