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U.S. Crude Oil (WTI) traded above the $63 handle on Tuesday, as the American Petroleum Institute (API) reported an exceptionally large draw of 11.19 million barrels of U.S. crude oil inventories for the week ending 5th January, against an expectation of 3.89 million barrels. This is the sixth week in a row that API has reported large draws. Oil prices have also been supported by a year of production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia. The cuts, which started in January 2017, are scheduled to continue through 2018.
Attention will now turn to the Energy Information Administration (EIA) inventory data due on Wednesday. If the large draw is replicated, it would be the biggest decline in inventories for this time of the year since 1999.
As oil trades near a three-year high and crude stockpiles fall rapidly, analysts are questioning whether the Organization of Petroleum Exporting Countries (Opec)-led production cuts will last until t
Deputy Prime Minister and Minister of State for Cabinet Affairs Anas Al-Saleh on Tuesday lauded the key role undertaken by the Organization of Petroleum Exporting Countries (OPEC) for achieving the c
Brent crude oil shed some of its recent gains by falling just over $1 a barrel on Tuesday but healthy demand underpinned prices near $70 (Dh257), a level not seen since 2014’s market slump.
The expected drop in OECD inventories suggests that oil prices will likely be higher in 2018 than originally seen and Brent crude oil price is projected to reach $64 per barrel (/bbl) this year, said
The Sultanate has urged international producers to work in coordination to help sustain resurgent global oil prices that have soared to $70 per barrel for the first time since the calamitous slump of
Oman Daily Observer