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What’s next? – OIL 21.11.17

Nov 21 2017, 03:05 PM (+06) |

Oil futures were higher in Asian hours on Tuesday as market players awaited industry estimates on crude and refined products stockpiles from the United States later in the day.


The US West Texas Intermediate crude contracts were up 0.11 percent to $56.48 per barrel as of 05:50 GMT. Brent futures were up 0.16 percent, to $62.32 a barrel.


Crude benchmarks held into negative territory on Monday, amid increasing US shale oil production and concerns that OPEC-led efforts will not be able to stop the supply overhang.


According to local data, US crude production has risen by more than 15 percent in the last few months from a mid-2016 low that had opened the way for benchmarks’ prices to recover.


All eyes are now pointing at the next OPEC + non-OPEC meeting in Vienna on November 30. Producers are expected to discuss a potential extension of the current output cuts deal.


The agreement, which counts on a reduction target of 1.8 million barrels per day, will meet its deadline in March 2018 after being renewed for nine extra months back in May.


Reports on Monday said Russia is not entirely supportive of the deal, despite Vladimir Putin seemed confident on the extension last month when he met Saudi Arabia’s king in Moscow.


The American Petroleum Institute will release its weekly report as of 21:35 GMT, in anticipation of official data from the US Energy Information Administration due on Wednesday.

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