Oil market news

Wed, Sep 13 2017, 02:06 GMT

by Fort Financial Services

 Oil futures were slightly down in early trading on Wednesday as market players digested inventories data from the American Petroleum Institute and awaited official figures.

 

The US West Texas Intermediate crude futures were trading 0.06 percent lower at $48.20 per barrel as of 06:55 GMT, while the London-based Brent contracts were down 0.18 percent to trade at $54.17 per barrel on the ICE Futures Exchange.

 

Crude benchmarks settled in green territory on Tuesday as the latest OPEC report said production in August decreased by 79,000 barrels per day to 32.76 million barrels per day.

 

The move comes as key producers of the oil cartel reduced output levels, including Saudi Arabia, UAE, Iraq and Venezuela. Also, OPEC revised its global oil demand growth forecast to 98.12 million barrels per day, up by 1.35 million bpd.

 

“It is clear the rebalancing process is underway,” said OPEC’s Secretary General Mohammad Barkindo, expressing optimism over demand growth in the second part of 2017.

 

The document also showed that OPEC members were not concerned with the effects of hurricane Harvey along the Golf Coast, the heart of America’s energy refining industry.

 

Overnight, the American Petroleum Institute said crude reserves rose by 6.18 million barrels per day in the week ended September 8, above the 2.5 million expected.

 

Official data from the US Energy Information Administration will be out as of 14:30 GMT.

 
 

Published on Wed, Sep 13 2017, 02:06 GMT

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