Oil prices steady after strong gains due to higher demand forecast

Posted September 16, 2017

A worker checks the valve of an oil pipe at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. It raised global oil demand outlook by 1.7% to 1.6 million barrels per day for this year and by 1.4% to 1.4 million barrels per day for the next.

The US dollar index was down 0.4 per cent against a basket of currencies, making oil cheaper for holders of other currencies.

Oil prices rose on Tuesday after OPEC forecast higher demand in 2018 and Russian Federation and Venezuela confirmed their commitment to a production - cutting deal to reduce the global crude glut.

Oil is higher for the fourth day in a row as the United States refinery industry restarts after Harvey.

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"We're all trying to make our way in this world of between $50 and $60 and I would expect that to continue".

"Outright benchmark crude prices gained in August, reflecting higher demand in the northern hemisphere and tight physical markets for oil products", the IEA said.

Supply is rising outside the group, although not quite as fast as OPEC thought. The indicators show us that buyers are prevailing on the market now.

Oil hasn't managed to settle above US$50 in NY since July 31 as efforts by the Organisation of Petroleum Exporting Countries and partners including Russian Federation to whittle the supply surplus floundered.

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OPEC members have publicly mulled over extending production cuts implemented earlier this year, which would further restrict the supply of oil. U.S. West Texas Intermediate (WTI) crude futures were flat at $49.30 a barrel. Total volume traded was about 40 per cent above the 100-day average.

Oil maintained a firm tone during NY trading on Thursday with WTI breaking above the $50.00 p/b level with a one-month high around $50.40.

Benchmark Brent crude slipped 10 cents to $55.06 after rising 1.6% in the previous session, while the USA light crude remained unchanged at $49.30 after witnessing 2.2% gain, reported Reuters. It was the second weekly build in crude stockpiles.

Gasoline stockpiles fell 8.4 million barrels for the week, the EIA said - the largest fall on record and due to the impact of Harvey on Gulf Coast refineries.

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