US Crude Oil Inventories Have Fallen ~10.6% in 2017

US Crude Oil Inventories Have Fallen ~10.6% in 2017

Benchmark futures are up more than 11 percent in 2017, after going into a bull market in September.

U.S. West Texas Intermediate (WTI) crude futures were at $60.16 a barrel at 0210 GMT, up 33 cents or 0.5 percent from their last close.

As a result of e-commerce in London and NY stock exchanges, the world oil prices are rising, Gazeta.ru reports.

Some analysts think Friday's crude gains will evaporate sooner than later: "The current highs are unsustainable in the short-to-medium term, with prices likely to head back below $60 once we get past January", stated JBC Energy GmbH.

Countering those cutbacks, United States oil production has soared more than 16% since mid-2016 and is approaching 10 million bpd, trailing only OPEC kingpin Saudi Arabia and Russian Federation.

Wind chill watch in effect Sunday through Monday morning
People throughout Green Country are dealing with a blast of cold air right now and it's going to get colder Saturday night. This is because the breezy winds combined with the cold air will create wind chill vales that go from 0 to -10.

Based on total expected quotas, China's imports-which at around 8.5 million bpd are already the world's biggest-are expected to hit another record in 2018 as new refining capacity is brought on stream and Beijing allows more independent refiners to import crude.

At the same time, speculation is rising that American drillers will put more rigs to work next year as oil strengthens.

The survey of 32 economists and analysts forecast Brent crude would average US$59.88 a barrel in 2018, up from the US$58.84 forecast in the previous monthly poll.

The producers last month extended the deal to curb output throughout 2018. Inventories excluding the nation's strategic reserve have declined more than 11% in the past year.

"With that partially offsetting production cuts by Opec and Russian Federation, the market will have to get confirmation that global inventories will keep coming down", Gene McGillian, a market research manager at Tradition Energy in Stamford, Connecticut, said by telephone.

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