World oil prices on the rise

01 January, 2018, 03:51 | Author: Salvatore Jensen
  • World oil prices on the rise

Futures are up more than 12 per cent in 2017, having entered a bull market in September.

WTI Crude Oil (Light Sweet) price at NYMEХ Stock Exchange up by 0.85% to $60.22 per barrel.

Traders said higher prices in recent weeks were the result of efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation to tighten the market by cutting output, as well as strong demand and rising political tensions.

"The political situation in Saudi Arabia remains sufficiently volatile to spike crude values by at least 50 cents at any given time as was the case (Thursday)", Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a report, noting he did not expect Friday's oil rig count to exert much price impact.

Natural Gas prices plummeted though.




USA output is still up by nearly 16% since mid-2016, but most analysts had expected production to break through 10 million bpd by the end of this year-a level only surpassed by top exporter Saudi Arabia and top producer Russian Federation.

U.S. output has surged overall this year, hitting a 46-year high in October when producers pumped 9.6 million barrels a day, according to federal data. That could undermine plans by the Opec and and other producers, including Russian Federation, who have pledged to extend production curbs through the end of 2018 to wipe out a global glut.

At the same time, speculation is rising that American drillers will put more rigs to work next year as oil strengthens.

Brent crude oil in particular is being supported by ongoing supply cuts by top producers OPEC and Russian Federation as well as strong demand from China.

The survey of 32 economists and analysts forecast Brent crude would average US$59.88 a barrel in 2018, up from the US$58.84 forecast in the previous monthly poll. Inventories declined 1% week-over-week and 54.2 MMbbls or 11.15% year-over-year.

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