January 20, 2018

Oil prices edge up to three-month high

13 January 2018, 11:10 | Anita Wise

Oil prices edge up to three-month high

Oil prices edge up to three-month high

Analysts, had expected a much smaller drawdown of 3.89 million barrels in crude oil.

The catalyst seems to have been data from the American Petroleum Institute, which said late Tuesday that USA crude inventories fell by 11.2 million barrels, to 416.6 million the week leading to January 5.

"The decline comes in an environment of a falling USA dollar, which is an offsetting factor", he added.

"The lower draw in crude oil stocks, combined with the strong builds in product stocks is bearish news for prices".

"(U.S.) crude oil inventories are at their lowest level since August 2015", said PVM Oil Associates analyst Tamas Varga.

Oklahoma oil producers celebrated a key benchmark Thursday as the price for Oklahoma sweet crude oil topped $60 a barrel for the first time in more than three years. The North American benchmark WTI is now trading at $63.5 per barrel and Brent $5.9 per barrel premium to WTI.

Brent crude futures traded 15c lower at $69.11 a barrel at 10.11am GMT.

"The steady, if not rapid, decline in USA crude oil inventories from persistently high refinery demand and elevated exports has firmly registered with the market", said John Kilduff, partner at Again Capital LLC in NY.

Hamilton aiming to build championship lead at Japanese GP
Several drivers , including Lewis Hamilton , had their super-soft qualifying-simulations ruined by the two red-flag interruptions. This is an exciting race with genuinely the three leading teams all hoping they can win.

Expectations of another drain on USA crude oil inventories supported a soft increase in oil prices early Tuesday, though a reversal may be overdue.

Crude oil futures surged again Thursday, blasting through $64 a barrel as the dollar weakened versus major rivals. Also, the dollar fell in a broad sell-off after a report that China was ready to slow or halt its US treasury purchases.

US energy companies added 10 oil rigs this week, the biggest increase since June, bringing the total rig count to 752, the most since September, General Electric Co's GE.N Baker Hughes energy services firm said.

Oil remained on shaky ground as a bullish run-up in prices appears to have risk of deflating. That follows the global benchmark's rally to $70/bbl on Thursday amid a steady run of diminishing US crude stockpiles and healthy demand.

Markets may react later in the day when drilling services company Baker Hughes releases its weekly tally on exploration and production activity.

Members of the Organization of the Petroleum Exporting Countries fear current price gains could prompt USA shale oil companies to flood the market.

Oil markets have so far been generally supported by a production cut led by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation that started in January a year ago and is set to last through 2018.

Other News

Trending Now

Tropical Storm Nate Gets Stronger, Moves Faster — PM Update
A very moist air mass continues to stay in place across Central Florida leading to elevated rain chances through the weekend. The shift in track comes after a tropical wave passing just south of the Florida Keys became better organized last night.

Google Just Unveiled the Home Mini to Challenge Amazon's Echo Dot
Instead, it'll only feature a few lights on top and a microphone switch on the back (as well as a micro-usb plug for powering it). The Google Home Mini was leaked a couple of times recently, so you knew it would play a part in Google's presentation today .

Jim Harbaugh names starting QB for Saturday's game at Indiana
They've been doing that since 2007, and that's why Michigan State is 8-3 in games involving the Paul Bunyan Trophy under Dantonio. MI bizarrely put the ball in the hands of O'Korn amid a deluge, and three straight Wolverines possessions ended in interceptions.

Employers Urged to Provide Support for Persons with Mental Illness
Maureen Irons-Morgan, explained that two of the most common issues that are dealt with every day are anxiety and depression . This statement may surprise you, physical illness sure, we all will fall ill at some point but mental health....

WiFi isn't safe: WPA2 Protocol broken by Belgian Researchers
Even despite the news of a WPA2 hack as outlined at the top of this article, WPA2 is still said to be the most secure protocol. The outlined attack works on all modern WiFi networks, and if your device supports WiFi then you are likely already affected.

Yankees Down 2 In Series After Indians' Come-From-Behind Win
Both Aaron Hicks and Gary Sanchez homered off Kluber, and NY entered the six inning leading 8-3, when the wheels came off. He should have challenged the hit-by-pitch of Lonnie Chisenhall in game 2 of the ALDS between the Yankees and Indians .

Amid Harassment Reports, Harvey Weinstein Takes Leave Of Absence
Weinstein (pictured above with his wife) is known as one of Hollywood's most powerful executives. He has previously denied numerous allegations and has not been charged with any crimes.

Case Keenum replaces Sam Bradford in second quarter against Bears
Though the numbers were far from spectacular, Trubisky provided some promising signs for a struggling franchise. Chicago had a chance to win the game, setting the stage for an incredible ending to Trubisky's first start.

Watch MLB Playoffs 2017 NLDS Game 1 Online
They had accumulated one run and four hits through the first 16 innings of their NL Division Series against the Chicago Cubs . At least this Cubs team, at last, can sing a different tune when it comes to the fates working for them instead of against.

Sam Bradford expected to be in uniform for Vikings on Sunday
To some, he remains the placeholder he was in Los Angeles, just with more offensive weapons and a competent system around him. Saints are 7-4 in six appearances in playoffs under coach Sean Payton. "It's just Cam's personality", Payton said.