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What’s next? – OIL 06.03.18

Mar 6 2018, 03:03 PM (+06) | Fortfs.com

Oil benchmarks were up in early trading hours on Tuesday, with market participants looking ahead to fresh inventory data later in the day.

 

The US West Texas Intermediate crude contracts were up 0.18 percent to $62.68 per barrel as of 05:05 GMT. Meanwhile, Brent futures added 0.17 percent to $65.65 a barrel.

 

Crude benchmarks moved sharply higher on Monday following a report that showed further reductions in crude supplies at the cushing storage hub in Oklahoma, which evidences solid economic growth accompanying oil demand.

 

Market analysts have noted stockpiles at the key US hub are likely to continue to fall as shale oil producer are inclined to sell rather than store as prices remain attractive.

 

In other news, the International Energy Agency warned that US shale production is expected to rise in the next five years, adding to market disbalance concerns.

 

“The United States is set to put its stamp on global oil markets for the next five years,” IEA’s executive director Fatih Birol said in a statement.

 

Last week, oilfield services company Baker Hughes said the weekly oil rig count increased by one to 800, the highest point in the last three years.

 

Ahead in the session, the American Petroleum Institute will release its crude and refined products stockpiles estimates for the week ended March 2.

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