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What’s next? – OIL 18.05.18

May 18 2018, 01:47 PM (+06) | Fortfs.com

Oil futures were higher on Friday in Asian hours, with Brent crude getting closer to $80 per barrel, a level it has not seen since November 2014, as supplies continued to decrease.

 

The US West Texas Intermediate crude contracts rose 0.32 percent to $71.72 per barrel as of 06:25 GMT. Meanwhile, Brent futures were up 0.29 percent at $79.53 a barrel.

 

The US Energy Information Administration said crude inventories dropped by 1.4 million barrels in the week ended May 11, while gasoline eased 3.79 million barrels.

 

Officials figures confronted data by American Petroleum Institute (API), which previewed a nearly 5 million barrels build in crude stockpiles.

 

In Venezuela, output eased to 1.5 million barrels in April, reaching its lowest level in decades as the economic crisis in the country is getting worse.

 

In other news, the International Energy Agency (IEA) reduced its global oil demand growth forecast for 2018 from 1.5 million bpd to 1.4 million bpd.

 

Ahead in the session, players will await Baker Hughes weekly oil rig count at 18:00 GMT.

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