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Oil continues to rise and attention to US inventory data

2017-12-19 12:07 pm | Resource: NEWS | No Views : 304

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Oil continues to rise and Brent settles above $ 63 a barrel amid a drop in global supplies following the closure of the northern pipeline in the UK. Investors are awaiting US oil inventories data, which is due to be announced this evening by the Petroleum Management Institute. Data from the US Energy Information Administration, which will be released tomorrow on stocks that are expected to fall during the past week.

Where Brent crude rose during the Asian trade, where it opened today trading at 62.80 dollars per barrel, to rise to reach levels of 63.30 dollars in mid-European trading, achieving daily gains of 0.30%, adding 0.19 Cents, or West Texas crude, also saw a rise during European trade, to reach levels of 75.52 dollars per barrel, achieving gains of 0.52% or 0.30 cents.

US crude oil ended yesterday unchanged, with Brent contracts up 0.3% as the North Sea pipeline continues to be closed to the UK. The pipeline operator Enius said today that the schedule for repairs is still two to four weeks Weeks starting, it is worth mentioning that the work was closed on the pipeline on December 11 last,

On Wednesday, US Energy Information Administration data on US inventories will be released, with analysts forecasting a 3.6 million barrel decline in the fifth consecutive weekly decline. In the same context, the US Energy Agency announced on Monday that oil production would rise by 94,000 Barrels per day in January, to record a record 6.41 million barrels per day, recording a consecutive increase for the 14th consecutive month.

Which reduces OPEC's efforts in its global output reduction plan to maintain a balance between global supply and demand for oil. OPEC and other non-member producer countries, led by Russia at the end of last month, agreed to extend the agreement to cut output beyond March 2018 , To the end of next year, to maintain the global oil balance, and to bring prices to satisfactory levels. On the other hand, rising prices lead to increased production in US rock oil because of the high cost of production, which is a dilemma for the efforts of OPEC.


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