West Texas Intermediate crude traded near the highest price in a week as stronger-than-forecast economic data bolstered the outlook for fuel demand in the U.S., the world’s biggest oil user.
Futures were little changed in New York after rising 0.5 percent yesterday as U.S. unemployment benefit claims slid more than economists estimated. WTI is poised for a fourth weekly gain, the longest rally in seven months, as cold weather boosts consumption of distillate fuels. London-traded Brent crude climbed as Libya’s oil output fell after protesters tampered with a pipeline.
“The positioning for the U.S. economy and what the market is perceiving is providing support for oil,” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin in Sydney who predicts investors may sell WTI contracts at about $98.80 a barrel. “The draw in the products is typical for this time of the year where we see inventories start to decline. That should provide some underlying support to the market.”
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The price of OPEC basket of fourteen crudes stood at US$54.59 a barrel on Thursday, compared with $54.06 the previous day, according to OPEC Secretariat calculations.
The OPEC Reference Ba
Oil was heading for a third weekly gain as Opec ministers meeting in Vienna urged a continued commitment to supply cuts they said are making good progress in draining a global glut.
Opec and Russia said they were about halfway toward clearing a global oil glut and urged fellow producers to stay focused and finish the job, while stopping short of additional action to reassure a j
Crude oil prices rallied after the Iraqi oil minister said OPEC and its partners were considering extending or even deepening current production cuts.
WTI crude settled at its best level s
Oil is on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that OPEC and its partners are considering extending or deepening output