HomeMarket CommoditiesOil rises from 1-week low
US oil on Thursday moved away from one-week lows
touched the session before, with investors turning their attention to
upcoming government data on U.S. inventories.
US oil on Thursday moved away from one-week lows touched the session
before, with investors turning their attention to upcoming government
data on U.S. inventories. Sentiment in oil
markets has been torn between expectations of a rebound in U.S. shale
production and hopes that oversupply may be curbed by output cuts
announced by the Organization of the Petroleum Exporting Countries
(OPEC) and others. U.S. West Texas
Intermediate (WTI) crude oil futures were trading up 38 cents at $51.46
per barrel at 0035 GMT, after dropping to a one-week low on Wednesday at
$50.91 a barrel. Brent crude, the international benchmark for oil prices, was yet to trade after closing down 2.8 percent in the last session.
“The IEA (International Energy Agency)
said it expects higher oil prices to trigger a significant boost in U.S.
shale output,” ANZ said in a note.
“This is broadly in line with our
estimate. However, we still expect the global oil market to move into a
significant deficit in the first half of 2017.”
The market is seeking direction from
weekly inventory data from the U.S. Energy Information Administration
(EIA), due at 1600 GMT. It has been delayed by a day due to a U.S.
public holiday on Monday.
Meanwhile, OPEC, excluding Indonesia,
pumped 33.085 million barrels per day last month, according to figures
the organisation collects from secondary sources, down 221,000 bpd from
November, it said in a monthly report on Wednesday. The figures showed
the biggest reduction came from Saudi Arabia.
OPEC and other non-OPEC producers in
November and December pledged to cut oil output by nearly 1.8 million
bpd, initially for six months, to bring supplies back in line with
consumption.
The dollar, which influences moves in
greenback-priced commodities, inched up against the yen and kept broad
gains against other major peers.
If you want to more information regarding the Stock cash tips, Stock tips, Nifty tips, Commodity tips, equity tips call @8109999233 or fill form http://equityresearchlab.com/Freetrial.php please drop your number for profit calls...?
No comments:
Post a Comment