Oil at 7-Week High

Oil at 7-Week High

Brent crude oil hit its highest level since early January on Friday and was on track for its first weekly gain in a month as strong US gasoline demand and supply disruptions outweighed concerns about a fundamental glut.
Brent futures were trading at $36.63 a barrel, up $1.34 from their last close, but rose to $36.84 earlier in the session, the highest since Jan. 5. US West Texas Intermediate crude futures were up $1.05 cents at $34.12, Reuters reported.
The gains would mark the third consecutive daily increase for Brent and the fifth for US benchmark WTI.
Strong gasoline demand in the US, and an upward revision to the country's economic growth for the fourth quarter, helped boost expectations of oil consumption.
But supply disruptions in Iraq and Nigeria that have taken more than 800,000 barrels per day of oil off the market were also underpinning prices.
Most analysts said the oversupplied market would not begin to draw down stocks until early next year, but the disruptions and demand helped give a near-term boost to markets that are grappling with crude production that is exceeding demand by 1 million to 2 million barrels per day.
Data from the US Energy Information Administration showed gasoline inventories falling last week for the first time since early November, suggesting that consumers could gobble up more of the world's oil products than expected.


Short URL : http://goo.gl/B6Ps8U
  1. http://goo.gl/jvQcBg
  • http://goo.gl/Wz2c0e
  • http://goo.gl/Jtl11g
  • http://goo.gl/O3tjf3
  • http://goo.gl/EfUdC8

You can also read ...

Sharp Drop in Iraqi Kurdistan Crude Exports
Oil exports from Iraq’s Kurdistan via the Turkish...
An offshore South Pars platform before installation
Iran is pushing ahead with plans to develop its petroleum...
Gasoline Consumption Up 5%
Iranians consumed an average of 79 million liters per day of...
Yadavaran’s Total Output Tops 100 Million Barrels
Output from Yadavaran joint hydrocarbon deposit with Iraq...
OPEC and its allies are scheduled to meet in Vienna on Nov. 30.
OPEC and its non-OPEC allies reiterated that all options to...
Dudley traced his company’s focus on climate change back 20 years.
Fossil companies will need to see market-shifting government...
The government will completely stop all plans for the construction of new nuclear reactors.
South Korea’s President Moon Jae-in said on Sunday the...