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OPEC: Oil stocks will continue to decline
17/4/2018 12:00 am [rtl](Reuters) Oil fell 1 percent on Monday, as markets opened for air strikes on chemical weapons sites in Syria at the weekend, while prices were under additional pressure from increased US drilling. Brent crude futures were at 73.85 dollars a barrel, down 73 cents, or 1 percent, from the previous close. US crude futures in the West Texas were down 57 cents, or 0.9 percent, to $ 66.82 a barrel. Traders pointed out that Asian markets, cautiously following the Western strikes, began to feel some relief after the escalation seemed unlikely. OPEC Secretary-General Mohamed Barkindo confirmed on Monday that oil stocks in February were above the five-year average of less than 50 million barrels and that the decline would continue in the coming months. Barkindo urged oil producers and companies to invest to meet the demand for crude in the future and offset the annual decline rate. "In the aftermath of the attack on Syria, oil prices have fallen slightly, but the effect seems to be limited," Trekkata's energy adviser Sukrit Vijayakar said. US oil companies added seven oil rigs to pump new production over the week ending April 13 to a total of 815, the highest since last year, according to Baker Hughes Energy Services. However, Brent is still up more than 16 percent from its record low of 2018 in February due to strong demand, conflicts and tensions in the Middle East.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=155613[/rtl] |
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