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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.
Oil retreated before weekly US inventory data even as the disappearance of a journalist from Saudi Arabia threatened to spark a diplomatic crisis. Brent for December settlement dropped 0.5 per cent t
Asian shares slipped on Monday as worries over Sino-U.S. trade disputes, a possible slowdown in the Chinese economy and higher U.S. borrowing costs tempered optimism despite a rebound in global equit
During an oil conference in London last week, international oil countries were warned about the danger of oil prices rising above the level of $80. It is a red-line and a warning sign that such a lev
There are opportunities for expansion, investment and growth in the oil and gas industry, as demand for energy continues to rise, particularly from the high-growth economies of Asia, according to Dr
The Gulf Today
Oil futures contracts are set to decline to about $60 a barrel in 2023. Baseline assumptions for the IMF’s average petroleum spot prices, based on futures prices, suggest average annual prices of $69