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Oil rises despite expectations for supply expansion in 2018 DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Oil rises despite expectations for supply expansion in 2018

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Oil rises despite expectations for supply expansion in 2018 Empty Oil rises despite expectations for supply expansion in 2018

Post by RamblerNash Mon Dec 18, 2017 6:06 pm

Oil rises despite expectations for supply expansion in 2018

Oil rises despite expectations for supply expansion in 2018 4379

12/18/2017

Economy News _ Baghdad

 Oil prices rose on Monday as pipeline cuts continue to move North Sea oil and signals that a US oil production boom may slow, although expectations for 2018 suggest ample supplies even in OPEC-led production cuts.

By 0634 GMT, the WTI futures contract was $ 57.66 a barrel, up 36 cents, or 0.6 percent, from the previous settlement price.

Brent crude futures rose to $ 63.59 a barrel, up 36 cents, or 0.6 percent, from the previous settlement price.

Traders say the slight rise in prices came on the back of the failure of the Fortis pipeline, which carries oil from the North Sea, which provides oil that supports Brent crude, as well as signs that US crude production growth may slow.

Enious, the operator of the Fortis pipeline, declared a state of force majeure in all oil and gas shipments via the Fortis pipeline last week.

In the United States, energy companies cut the number of oil drilling platforms operating for the first time in six weeks to 747 drilling platforms in the week ending December 15, Baker Hughes Energy Services said on Friday.

US production is also undermining the efforts of the Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia and a group of non-OPEC producers, including Russia, to curb production to narrow the gap between supply and demand in the market and price support.

The International Energy Agency (IEA) said world oil markets would post a small supply surplus of 200,000 barrels per day (bpd) in the first half of 2018, mainly due to the rise in oil production in the United States.

http://economy-news.net/content.php?id=10213
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