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What’s next? – OIL 26.01.18

Jan 26 2018, 02:06 PM (+06) | Fortfs.com

Oil futures were lower in Asian hours on Friday, as some traders opted to take profits in the light of recent advances and as the weekly oil rig count for the  US is ahead on schedule.

 

The US West Texas Intermediate crude contracts were down 0.12 percent to $65.43 per barrel as of 07:15 GMT. Meanwhile, Brent futures declined 0.18 percent to $70.29 a barrel.

 

Crude benchmarks extended gains to hit fresh three-year highs on Thursday, with inventories in the US moving down, boosting optimism over the rebalancing of the market.

 

Both contracts reached out to levels not seen since December 2014. The American-based WTI rose up to $66.28, while the Brent added to close nearly $70.88 per barrel.

 

The US Energy Information Administration reported on Wednesday a drop in crude reserves by 1.071 million barrels for the week ended January 19.

 

The agency also said gasoline stockpiles increased by 3.1 million barrels, above an estimated build of 2.49 million barrels. Distilla products inched up by 639,000 barrels.

 

Earlier this week, oil prices were supported by the International Monetary Fund, which upgraded its forecast for global economic growth in 2018 and 2019. Market participants associate growth with more energy consumption.

 

Also pushing prices upwards were remarks by Saudi Arabia and Russian energy ministers reassuring their support to the ongoing output cuts agreement throughout 2018.

 

Oilfield services provider Baker Hughes will present its weekly oil rig count as of 18:00 GMT.

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