Oil prices near one-week lows before US inventory data
2017-11-14 13:56:52 GMT (Economies.com)
Oil prices near one-week lows before US inventory data

Oil futures continued their decline in American trade for the third session in a row, trading near a one-week low hit yesterday amid concerns on US oversupply, especially after the US oil rig count rose by the fastest pace in five months, while losses were curbed by OPEC's monthly report that raised global demand forecasts for the fourth month in a row. 

 

As of 12:35 GMT, US West Texas Intermediate fell to $56.45 a barrel from the opening of $56.71, while Brent futures declined to $62.85 a barrel from the opening of $63.09. 

 

US oil production surged 14% since mid-2016 to a new record high at 9.62 million bpd, in the week ending November 3.

 

The US government forecast a rise in the country's shale output in December for the 12th month in a row, especially as prices trade near their highest since mid-2015. 

 

Later today, the American Petroleum Institute will release initial data on US inventories, expected to have risen for the first time in three weeks, while the EIA will release the official report tomorrow. 

 

OPEC raised its oil demand forecasts for the fourth month in a row to 33.42 million bpd in 2018, up 360 thousand bpd from October forecasts. 

 

OPEC is scheduled to meet on November 30 to discuss the developments in the markets and specify the production policy, with analysts expecting the Organization to extend the global output cut deal for nine more months until the end of 2018. 

 

In China, the Statistical Agency noted oil refinery output rose by 7.4% in October to fresh record highs at 11.89 million bpd. 

 
 
 
  Symbol Last Change Chg.%
1.1839
0.0047
0.3986%
1.3295
0.0080
0.6046%
17.122
-0.191
1.100%
58.535
1.900
3.355%
63.52
-0.04
0.06%
1290.615
-3.745
0.289%
 
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