US WTI October crude oil futures electronic prices Friday (September 15) closed up 0.11 US dollars, or 0.22 percent, to $ 49.83 / barrel. This week the contract rose nearly 5%, is the last two months of the strongest weekly performance; due to increased demand for crude oil, and the United States refinery to resume production.
At the same time, ICE Brent crude oil futures in November closed up 0.2 US dollars, or 0.36 percent, to $ 55.48 / barrel. This week rose for the third consecutive week, up 3.3%, the largest weekly increase since the end of July.
Anticipated demand for crude oil is expected to increase
The Organization of Petroleum Exporting Countries (OPEC) is expected to see growth in 2018 this week, pointing out that global oil markets have signs of tightening, showing that a cut-off agreement with non-OPEC countries has helped to ease oversupply.
Previous reports from the International Energy Agency (IEA) reported that oversupply was declining due to strong demand in Europe and the United States, as well as lower OPEC and non-OPEC production.
Tradition Energy market research director Gene McGillian said it boosted the market and attracted new speculative bulls. In order to maintain the current high oil prices, the need for continued growth. McGillian pointed out that the weak demand in the fourth quarter may prompt traders to withdraw from long positions.
Baker Hughes oil drilling number drop
| PVA FIBER |
Energy companies this week to reduce the number of active rigs for the largest since January, which is the future output of the previous indicators. Due to weak oil prices, up to 14 months of drilling recovery trend stagnation.
Energy service company Baker Hughes said in a report closely that, as of September 15 the week, drillers to reduce the seven wells, the total number of wells fell to 749, the least since June.
Refiners return to good oil prices
Investors are also concerned about the further impact of US refineries on demand for crude oil after a disruptive production.
According to IHS Markit, as of Wednesday, 13 of the 20 affected refineries have been or are close to normal production capacity, and five more refineries are restarting or increasing production capacity.
| PVA |
HSBC Holdings analysts said that despite the disruption of US refinery production, but in 2017 will continue to be oil demand growth “strong” year, which is to support a key factor in rising oil prices.
HSBC Holdings to maintain the next year Brent crude oil were 65 US dollars / barrel and 70 US dollars / barrel of the estimated price.
British Petroleum chief executive Bob Dudley said oil prices will remain at $ 50-60 / barrel, as major oil producers are still doing
| http://www.barium-chloride.com |