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Oil holds yesterdays gains and attention to US crude inventories today

2017-12-20 11:48 am | Resource: NEWS | No Views : 294

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Oil futures are stabilizing near their highest levels in a week, following the decline in US oil inventories, as well as the continuation of the moratorium on the northern pipeline in the United Kingdom, where the American Petroleum Institute announced the fall of oil stocks in the United States 5.2 million barrels during the week ending in 15 From December to the lowest level in two years, while analysts had forecast a 3.5 million barrel decline, and official data will be released today by the US Energy Information Administration.

Brent crude futures rose yesterday by 0.6%, the second daily gain, respectively. US crude oil ended yesterday's trading with a gain of 0.5% as the pipeline in the North Sea to the UK continued to close. Today, to reach $ 63.75, while US crude rose more strongly, gaining 0.17% to $ 57.72 in mid-European trade.

Goldman Sachs said earlier in the day that global oil stocks will remain below seasonal levels and will continue to shrink in the second quarter of next year, with the market recovering by mid-2018, adding that OPEC's desire to get rid of the world oil surplus , May be achieved sooner and faster than OPEC had expected, which means the possibility of ending the agreement to cut production early, ahead of schedule by the end of next year, and is expected to increase market concerns about the shortage of oil supplies in the short term during the second quarter of 2018.

US oil inventories are expected to fall by about 3 million and 700,000 barrels a week. US gasoline inventories are likely to rise by 1.9 million barrels, and for US crude oil production Last week it increased by 70,000 barrels, the eighth weekly increase in a row, to a total of 9.78 million barrels, at a new record high for production in the United States.


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