United States energy agency sees higher oil prices, more oil in 2018

Crude Oil Price News Slew of Bearish Data Fails To Reverse Price

United States energy agency sees higher oil prices, more oil in 2018

"Consequently, no further inventory reduction would be forthcoming".

Saudi Arabia reduced crude oil exports to most regions, including the USA, as a result of both its voluntary crude oil production cuts and the increase in the amount of crude oil Saudi Arabia refines domestically.

-Focus remains on the US and the release of the weekly EIA report. The market is expected to remain volatile as concerns remain around when a major pipeline in Europe will come back online.

Lipow said foggy conditions in Houston, a seasonal issue for that city's shipping channel, affected crude imports as well.

Motiva Enterprises, which owns the largest refinery in the USA, in Port Arthur, Texas, is a wholly-owned refinery subsidiary of Saudi Arabia's national oil company, Saudi Aramco.

Crude production in the United States rose to 9.78 million bpd, another weekly record. However, Vandana Hari, a market analyst, told CNBC-TV18 that despite OPEC and non-OPEC countries vowing to cut oil output in an effort to boost the price, will start softening by June next year once the winter demand starts falling.

Crude Oil Price News Slew of Bearish Data Fails To Reverse Price

On the New York Mercantile Exchange crude futures for January delivery rose 0.72% to $57.55 a barrel, while on London's Intercontinental Exchange, inched up 0.06% to $63.8 a barrel.

“The report is modestly supportive on the large crude oil inventory decline.

Gasoline stocks rose by 5.7 million barrels, compared with analysts' expectations in a Reuters poll for a 2.5 million-barrel gain.

The American Petroleum Institute (API) said Tuesday that supplies fell by 7.382 million barrels last week, while gasoline inventories gained by 2.3 million barrels and distillate stocks increased 1.5 million barrels.

Refinery crude runs fell by 243,000 bpd as utilization rates slipped 0.4 percentage point to 93.4 percent of total capacity, EIA data showed.

Michigan State Police looking for clues on missing Morenci boys in Montana
New LG gram laptops put the webcam back where it belongs