Business

Oil jumps to five-month high on forecasts that glut will recede

Oil jumps to five-month high on forecasts that glut will recede

Besides, tight stocks position on fall in supplies from growing regions supported the upmove.

Hurricanes Harvey and Irma's effect on the US oil industry is apparent within weekly data from the Energy Information Administration, which shows huge changes from inventories to refinery operations to exports.

"This first stirring of backwardation since oil prices were above $100 a barrel is seen as a sign of tightening supplies and strong demand".

This is published unedited from the PTI feed.

That is above the 3.8 million-bpd level Iran has pledged to produce by the end of March 2018, when a pact between OPEC and non-OPEC countries on removing 1.8 million bpd from the market expires.

OPEC supply fell by 210,000 barrels, marking the first decline in five months.

David Madden, a market analyst at CMC Markets UK, said: In London, miners like Rio Tinto, BHP Billiton, Anglo American, and Glencore are offside due to the large drop in the price of copper.

The historic output cut deal wherein OPEC, which accounts for one-third of the global output, Russian Federation and other producers agreed to curb production by 1.8 million barrels per day until next March, is now paying off.

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Kachikwu said earlier on Wednesday that Nigeria's oil production now stood at 1.6 million bpd, excluding condensates.

Oil maintained a firm tone during NY trading on Thursday with WTI breaking above the $50.00 p/b level with a one-month high around $50.40.

However, the US Energy Information Administration figures show another increase in the crude stocks of the country due to the impact of Hurricane Harvey.

Crude inventories rose by 6.2 million barrels in the week to September 8 to 468.8 million, compared with analysts' expectations for an increase of 3.2 million barrels.

Crude oil prices continued to climb on Thursday after settling at their highest level in five weeks a day earlier.

The agency said global oil supply dropped 720,000 barrels a day last month from July, to 97.7 million barrels a day, largely due to those disruptions to USA production due to Hurricane Harvey and supply disruptions in Libya.

But the EIA also reported that total domestic USA crude output jumped by 572,000 barrels a day to 9.353 million barrels. Commercial oil stockpiles were unchanged in July at just over 3bn barrels, but they would normally increase at this time.


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