Arab Today, arab today oil sees sixth day of price gains
Last Updated : GMT 01:22:36
Arab Today, arab today
Arab Today, arab today

Oil sees sixth day of price gains

Arab Today, arab today

Arab Today, arab today Oil sees sixth day of price gains

US production
New York - AFP

Oil prices marked gains for their sixth day running Thursday amid signs that US production, a key driver of the global supply glut, may be on the cusp of easing.

West Texas Intermediate for May delivery, the US benchmark, advanced 32 cents to close at $56.71 a barrel on the New York Stock Exchange, a fresh high since December.

Global benchmark Brent North Sea crude for June delivery rose 66 cents to settle at $63.95 a barrel on the futures contract's first day of trade in London.

The oil market had opened lower as investors booked profits from Wednesday's gains, including a nearly six percent jump in WTI.

For James Williams of WTRG Economics, the US Department of Energy's report Wednesday showing a slight 20,000 barrels per day decline in crude production in the week ended April 10, the second drop in three weeks, had kept investors hopeful that the supply rush would begin to ease.

The DoE also unexpectedly reported the smallest rise in US crude inventories -- 1.29 million barrels -- so far this year.

"We're finally seeing even in the weekly data the impact of the lower prices in US production, and I think that's very supportive of crude prices," Williams said.

Oil prices have fallen about 50 percent since mid-2014 amid copious global supplies and weak demand.

The Organization of the Petroleum Exporting Countries (OPEC), in its monthly oil market report Thursday, predicted that US crude production would fall in the final half of the year, reducing the global oversupply.

"Higher global refinery runs, driven by increased seasonal demand, along with the improvement in refinery margins, are likely to increase demand for crude oil over the coming months," OPEC said.

"Given expectations for lower US crude oil production in the second half of the year, these higher refinery needs will be partially met by crude oil stocks, reducing the current overhang in inventories."

Carl Larry, an analyst at Frost & Sullivan, said that the market appeared to be trending higher, which could bring prices back up to the $65-70 range, thanks to a rebalancing of supply and demand.

"We're starting to see refineries run higher," Larry said. "We have a lot of refining season to go -- we just got started -- we are going to start seeing more drawdown in crude, we are going to start seeing production start to tip off."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil sees sixth day of price gains Arab Today, arab today oil sees sixth day of price gains

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil sees sixth day of price gains Arab Today, arab today oil sees sixth day of price gains

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday