Oil rises on signs of tighter market

14 October, 2017, 01:14 | Author: Franklin Nunez
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Oil slid as investors waited to see if US government data will confirm that crude stockpiles rose last week, and as the International Energy Agency warned of a ceiling for prices next year.

The global crude market will rebalance next year if the Organisation of the Petroleum Exporting Countries (Opec) holds output at current levels - but oil prices are not expected to rise in 2018, a new forecast has suggested.

West Texas Intermediate for November delivery was at $50.82 a barrel on the New York Mercantile Exchange, down 48 cents, at 10:59 a.m.in London. Prices are up 4.4 percent this week.

However, the EIA also reported a 2.5-million-barrel rise in gasoline inventories for last week, exceeding analyst expectations of a 1.4-million-barrel increase, and in contrast to API estimates of a 1.575-million-barrel draw. In China, the world's second-biggest oil market, crude imports in September jumped to the second-highest on record. "That's on the supportive side", said Olivier Jakob, managing director of oil consultancy PetroMatrix.

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Global oil stockpiles will fall this year by 300,000 barrels a day as stronger demand and output curbs by OPEC and Russian Federation whittle away a surplus, the IEA said Thursday in its monthly report.

United States president Donald Trump is also expected to make an announcement on the Iran nuclear deal, which is due for renewal this weekend.

China's huge imports have been strongly driven by purchases for its strategic petroleum reserves. Instead, he gave the U.S. Congress 60 days to decide whether to reimpose sanctions.

Brent crude futures, the global benchmark for oil prices, were trading at $56.75 per barrel at 0649 GMT, up 14 cents, or 0.25 percent, from their last close.

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Unrest in Iraq, and possible USA action on the Iran nuclear deal, also underpinned prices.

Local media in the country is reporting that tens of thousands of Kurds have turned out to fight Iraqi forces in the oil rich Kirkuk region.

"OPEC-led cuts have breathed new life into oil bulls but unless the organization digs deeper, the drawdown in global oil stockpiles will soon fizzle out", broker PVM's Stephen Brennock wrote.

The Energy Department on Thursday lowered its forecast for oil demand for 2018.

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