Oil rallied yesterday to the highest level so far this year, propelled by the weak dollar, upbeat jobless claims data and strong heating fuel demand in the United States.
US benchmark West Texas Intermediate (WTI) for delivery in March jumped as high as $98.83 per barrel. It later stood at $98.16, up 78 cents from Wednesday.
Brent North Sea crude for March rose 58 cents to stand at $106.83 a barrel in afternoon London deals.
The oil market extended gains after US data showed weekly new claims for unemployment insurance fell to 331,000 from 351,000 the previous week.
The bright data weighed on the greenback, which makes dollar-priced crude cheaper for buyers using stronger currencies. That tends to boost demand and prices.
Crude futures also won solid support on stronger demand for heating fuel in the United States as the country grapples with severe winter, dealers said.
The oil market had risen on Wednesday after a closely-watched US oil inventories report suggested severe winter weather across large parts of the country was pushing up demand for heating oil.
Stockpiles at the trading hub in Cushing, Oklahoma, sank 1.5 million barrels, the Department of Energy said on Wednesday, indicating strong demand and lifting oil prices. US commercial crude reserves rose 400,000 barrels in the week ending January 31, the DoE added, much smaller than the average analyst estimate of 2.2
UAE has cut up to 10 per cent of their oil exports in the last two months in accordance with the Opec agreement on output cuts, energy minister Suhail Al Mazroui said on Monday. “UAE compliance is 1
Oil prices rose on Monday to their highest in eight months after major producers said at a meeting in Vienna the global market was well on its way towards rebalancing.
The November Brent c
The Gulf Today
Beijing has limited its oil products flow and banned condensate and LNG exports to North Korea, China's Ministry of Commerce and General Administration of Customs announced late Friday.
India's crude oil production declined 1.6% to 3.02 million tonnes (mt) in August 2017 over August 2016. Crude oil output of ONGC increased 1.8% to 1.90 mt, while that of Oil India also improved 6.0%
OPEC’s commitment to cutting production to clear a global glut is working, but the group needs to address rising output from Libya and Nigeria, Iran’s Oil Minister Bijan Namdar Zanganeh said.