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.

Terrorists storm into CRPF camp, two personnel injured
And all the injured were evacuated to Army's 92 base hospital in Badamibagh, Srinagar for treatment. He claimed a number of security force personnel were killed or injured.

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.

Related Articles

  • 'Kanna, please wait for 10 more minutes,' says actor on political entry

    'Kanna, please wait for 10 more minutes,' says actor on political entry

    Amid thunderous applause, the actor, clad in a white kurta, asked "war means only election". "I will come into politics". He has said that he is starting his own political party and will be launching it prior to the 2019 Lok Sabha elections.
    Liberia's elections board certifies Weah presidential win

    Liberia's elections board certifies Weah presidential win

    The clip was uploaded to Facebook shortly after it was announced the 51-year-old politician had won the election. His election success was noted with pride by former clubs Monaco, Paris Saint-Germain and AC Milan.
    Dozens Killed in Bombing at Shiite Center and News Agency in Kabul

    Dozens Killed in Bombing at Shiite Center and News Agency in Kabul

    A journalist at Afghan Voice, Sayed Abbas Hussaini, said there appeared to have been more than one explosion during the attack. It has scaled up its attacks in Kabul , including on security installations and the country's Shiite minority.
  • Wind chill watch in effect Sunday through Monday morning

    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.
    First Warning Forecast: A bit milder, then much colder

    First Warning Forecast: A bit milder, then much colder

    Islanders are in for another frigid day as temperatures reach around -8C and winds make it feel even colder. The actual air temperature may be down in the low 20s by midnight with wind chill values in the low teens.
    Dana White Questions

    Dana White Questions "Haters" For Saying McGregor Hasn't Defended a Title

    In vacating his middleweight belt, GSP violated a clause in his contract that mandated he defend his title, should he win. It is Conor's fault he did Mayweather, but we chose to do the Mayweather fight and everybody gave a f--.
  • No Friday victor , Mega Millions jackpot rises to $343 million

    No Friday victor , Mega Millions jackpot rises to $343 million

    The last time the Mega Millions jackpot was won: October 13, when two winning ticket holders split a $42 million prize. The Mega Millions jackpot climbed to $343 million after Friday's drawing yielded no jackpot winners.

    Thousands protest in Iran in anti-government demonstrations

    This latest wave of protests is placing new pressure on Rouhani as his signature nuclear deal with world powers remains in peril. In social media footage, riot police were seen using water cannon and tear gas to disperse crowds.
    Davis inks 3-year deal with Rockies

    Davis inks 3-year deal with Rockies

    Davis won a World Series ring with the Royals in 2015 and helped the Cubs to another World Series appearance a year ago. Holland made $15 million this year , but he did not exercise the $15 million player option after the 2017 season.
  • Bigg Boss 11: Priyank Sharma gets evicted from the show

    Bigg Boss 11: Priyank Sharma gets evicted from the show

    In all the contestants of Big Boss 11 , Hina Khan is often kept in discussions with her make-up, style and especially the clothes. Shilpa defended saying how she herself hadn't got a chance to be captain for long and that she have never gone against Akash.
    Cong legislator slaps Himachal woman cop

    Cong legislator slaps Himachal woman cop

    Kumari started arguing with the lady constable and in the video clip that went viral, she was seen slapping her first. She holds the office of All India Congress Committee secretary and, additionally, is AICC in-charge of Punjab.
    Andrew Luck believes he'll be ready for 2018 season

    Andrew Luck believes he'll be ready for 2018 season

    Backup Jacoby Brissett has been serviceable at best, but he's no Luck. "He's tough, man" running back Frank Gore said. I do not feel like I need another surgery. "It feels weird, but I don't feel like I'm part of this team right now".