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Oil futures are down on news of higher US crude production

2017-12-22 12:09 pm | Resource: NEWS | No Views : 312

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Oil futures are down on news of a rise in US crude output and a return to the North Sea pipeline in the UK. Brent crude opened at $ 64.07 a barrel in Asian trading today, with marginal gains reaching $ 64.46. To close at $ 64.15, or 0.33%. US crude fell 0.41% to trade at midday at $ 58.12 a barrel.

US crude oil finished 0.3% higher in the third daily gain, with Brent rising 0.4%, and the highest closing level in two and a half years at $ 64.73 a barrel, with the supply of Fortis crude from the North Sea to the UK The volume of trading in energy markets fell amid weak liquidity as traders prepared for the start of Christmas and New Year holidays early next week.

In a related context, there is news that OPEC is working on plans for a strategy to end the agreement to reduce production in cooperation with independent producers, for his part, said Russian Energy Minister Alexander Novak, there is consensus on how to address the strategy of termination, but detailed talks on ending the agreement Will only be done with near market equilibrium.

Friday's drop was due to expectations of increased supplies that pushed credit-card holders to sell ahead of the end of the year, and the market was also under pressure to resume the operation of the Fortis pipeline in the North Sea in January. The capacity of the line reaches 450 thousand barrels per day.

The US Energy Information Administration announced Wednesday that oil production in the country rose by 10 thousand barrels for the week ended December 15, the ninth consecutive weekly increase, bringing the total production to 9.79 million barrels per day, the highest level For production in the United States since the compilation of government data in 1983.


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