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What’s next? – OIL 12.02.18

Feb 12 2018, 03:34 PM (+06) | Fortfs.com

Crude oil prices were higher in early Asia on Monday as market participants awaited a pair of monthly reports to set the tone and define a direction for the next few days.

 

The US West Texas Intermediate crude contracts were up 1.18 percent to $59.90 per barrel as of 07:00 GMT. Meanwhile, Brent futures added 1.02 percent to $63.43 a barrel.

 

The Organization of Petroleum Exporting Countries will release its monthly report on oil markets later on Monday, while the the International Energy Agency is set to present monthly estimates.

 

Oil benchmarks settled lower on Friday, showing their worst weekly loss in two years, as investors continued to fear about an increasing US output.

 

Last week, General Electric's oilfield services provider Baker Hughes said the oil rig count rose by 26 to a total of 791. The jump boosted speculation that US producers will add to supply in the near term, forcing crude prices to retreat.

 

The US Energy Information Administration said crude stockpiles in the US rose 1.895 million barrels in the week ended February 2, less than the 3.189 million barrels build seen.

 

EIA data also showed crude output at 10.25 million barrels per day, which brought the United States closer to major industry leaders such as Russia and Saudi Arabia.

 

In the following sessions, investors will keep an eye on the releases of crude and refined products stockpiles by the American Petroleum Institute on Tue and official figures on Wed.

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