Oil prices sink after International Energy Agency's outlook
Oil prices sink after International Energy Agency's outlook
Oil rises on signs of tighter market
13 October, 2017, 08:21
The agency forecast that 2018 crude oil output will rise by 680,000 barrels per day (bpd) to 9.92 million bpd.
The West Texas Intermediate for November delivery decreased 0.70 USA dollar to settle at 50.60 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 0.69 dollar to close at 56.25 dollars a barrel on the London ICE Futures Exchange.
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.
Brent crude futures, the worldwide benchmark for oil prices, were down 78 cents, or 1.4%, at $56.16 late morning Thursday. US light crude was down 67 cents to $50.63 a barrel. The EIA also upped its 2017 forecast on Brent crude by 2.7% to $52.43 and its 2018 outlook by 4.8% to $54.07.
Crude inventories fell by 2.7 million barrels in the week to October 6, compared with analysts' expectations for a decrease of 2 million barrels.
Elsewhere, were up 0.18% at $1.610 a gallon, while advanced 0.73% to $2.910 per million British thermal units. This likely means OPEC must deepen its production cuts to finish its job of bringing oil stocks back to the five-year average.
OPEC and other producers including Russian Federation agreed past year to reduce output by 1.8 million barrels per day (bpd) to prop up prices and the cuts, from January, have helped drain inventories.
High U.S. production is pushing increasing volumes of U.S. crude into world markets, feeding inventories and undermining OPEC's efforts to tighten the market.
Traders have expressed concerns of late that the United States will at some point reach its export capacity, though that has not been hit yet.
The price action in the crude oil markets on Thursday suggests investors were more concerned about future demand than the weekly inventories picture.
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