57841
Oil Prices Edge Up
Oil Prices Edge Up

Oil Prices Edge Up

Oil Prices Edge Up

Oil prices edged up for a second day on Friday on expectations that a weekend meeting of the world's top oil producers would demonstrate compliance to a global output cut deal, but a larger than expected rise in weekly US crude stocks capped gains.
International benchmark Brent crude prices were up 68 cents at $54.84 a barrel. US West Texas Intermediate crude oil futures were trading up 63 cents at $52 a barrel.
"Prices were pushed down a bit too far and hopes will rise that the OPEC/non-OPEC meeting this weekend will show that these producers actually give some proof that they cut production," said Hans van Cleef, senior energy economist at ABN Amro.
A weekend meeting in Vienna of members of the Organization of Petroleum Exporting Countries and some producers outside of the group, including Russia, will establish a compliance mechanism to verify producers are sticking to a deal to reduce output, OPEC's secretary general told Reuters.
However, higher crude oil and gasoline stocks in the United States weighed on prices on Friday. US crude inventories rose unexpectedly last week as refineries sharply slowed production, while gasoline stocks soared amid weak demand, the Energy Information Administration said on Thursday.
Crude inventories rose 2.3 million barrels in the week to Jan. 13, compared with analyst expectations for an increase of 342,000 barrels. The data showed much larger than expected builds in gasoline stocks, with inventories on the US east coast, the biggest demand region, swelling to the highest weekly levels on record for this time of year, when refiners typically begin storing barrels ahead of the summer driving season.
Bjarne Schieldrop, chief commodities analyst at SEB Markets, said Brent crude was starting to move into a trading range centered around $55 a barrel as the production cut deal had placed a floor price of $50 a barrel.
"As a new consensus is starting to form, the fog around the oil market balance is starting to clear and the oil price is likely going to start to stabilize," he said.

Short URL : https://goo.gl/1u7Znp
  1. https://goo.gl/03T2AE
  • https://goo.gl/Ws2ltm
  • https://goo.gl/uMCsl1
  • https://goo.gl/gF1dVi
  • https://goo.gl/fQ7ZG7

You can also read ...

Oil Supply to Russia Likely Next Month
Moscow and Tehran may soon agree upon conditions for the sale...
Petrochemical production exceeded 18 million tons in four months.
Iranian petrochemical exports exceeded 7 million tons in the...
The growth in US solar and wind power output was dramatic.
The expansion of wind and solar energy and the resulting...
PGSR’s total gasoline output has exceeded 320 million liters since May.
The Persian Gulf Star Refinery in Hormozgan Province has no...
Shell Lifts 1st Libya Crude Cargo in  5 Years
Royal Dutch Shell has lifted a cargo of 600,000 barrels of...
Iran is pushing for higher crude output from the joint field with Qatar.
Four crude oil cargoes from South Pars Gas Field’s oil layer...
Crude Market Shows Strength Beyond Seasonal Peak
The market for physical barrels of crude from places as far...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus