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What’s next? – OIL 02.02.18

Feb 2 2018, 02:48 PM (+06) | Fortfs.com

Oil futures were up in Asian hours on Friday, with market players awaiting a fresh look at the weekly oil rig count later in the session.

 

The US West Texas Intermediate crude contracts were up 0.59 percent to $66.19 per barrel as of 07:50 GMT. Meanwhile, Brent futures rose 0.40 percent to $69.93 a barrel.

 

Crude benchmarks settled higher on Thursday, as market players continued to digest a major drop in US gasoline and distillate stockpiles, while members of the Organization of the Petroleum Exporting Countries and Russia reassured their commitment with output cuts.

 

On Wednesday, the US Energy Information Administration said crude supplies went up in the week ended January 27 by 6.8 million barrels, the first build seen in 11 weeks.

 

The agency also said crude production ticked up by 41,000 barrels per day to 9.919 million bpd, dangerously close to the 10 million bpd mark forecasted by the Paris-based International Energy Agency weeks before. The current production levels haven’t been seen since early 1970s.

 

Despite analysts believe lower prices will push US shale oil producers to continue rising their production capability to benefit from them, which would put benchmarks again under pressure.

 

Ahead in the day, attention will be directed to the weekly oil rig count as of 18:00 GMT.

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