Oil falls for third day, knocked by rising USA output
Oil falls for third day, knocked by rising USA output
Crude Oil Steady As OPEC Sees Strong Demand
14 November, 2017, 18:02
Oil-dependent Venezuela's crude output dipped last month below 2 million barrels per day, its lowest level in almost three decades, global producer group Opec said on Monday.
But the tensions in the Middle East have raised the prospect of disruptions of crude oil supply, though the price of Brent was steady yesterday at $63 per barrel, close to its two-year high.
Despite the cautious sentiment, traders said oil prices were unlikely to fall far, largely due to supply restrictions led by the Organization of the Petroleum Exporting Countries and Russian Federation, which have helped reduce excess stockpiles.
Crude oil prices were mixed in Asia on Tuesday with weekly industry estimates of US inventories ahead as well as monthly supply and demand figures from the Paris-based International Energy Agency.
He added that while he had not heard any OPEC members discussing the possibility of not extending the deal, the time and duration of an extension was still to be decided.
SINGAPORE, Nov 13 (Reuters) - Oil trading was cautious on Monday amid ongoing tensions in the Middle East and after a rising rig count in the United States suggested producers there are preparing to increase output.
The exporters reached the deal last December and have already extended the agreement through March 2018. The UAE, Opec's fourth-largest producer, sees no need for the organisation to hold an extraordinary meeting in the first quarter of next year, he said.
Meanwhile, with $2.39 rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $58.73 per barrel in the said week. The oil market is rebalancing at an accelerating pace, as global levels of oil inventories have fallen visibly, and the demand for oil is robust, Opec Secretary-General Mohammad Barkindo affirmed.
So far in 2017, Brent has averaged at $54.5 per barrel.
Technically speaking, prices are at a 2-year high and are facing resistance near 3750 levels.
Other regional concerns include the war in Yemen and growing tensions between Saudi Arabia and Iran is a concern to investors too.
The West Texas Intermediate for December delivery was up 0.02 USA dollar to settle at 56.76 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.36 dollar to close at 63.16 dollars a barrel on the London ICE Futures Exchange.
Bahrain said at the weekend that an explosion that caused a fire at its main oil pipeline on Friday was caused by sabotage, linking the attack to Iran, which denied any role.
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