Science

Iran Crude Oil Price Hits New Year-High

Iran Crude Oil Price Hits New Year-High

Several traders said prices got a boost from unconfirmed rumors that Saudi King Salman would relinquish the throne to his son Crown Prince Mohammed Bin Salman.

The Organization of the Petroleum Exporting Countries' 2017 World Oil Outlook showed the group predicts demand for its crude will rise more slowly than previously expected in the next two years, as higher prices from its supply policy stimulate output growth from rival producers.

Brent crude futures were up 5 cents at $64.32 per barrel while US West Texas Intermediate crude traded at $57.32 a barrel on Monday, Reuters reported.

Crude oil stockpiles recovered last week as very large drops in product stockpiles were offset by a collapse in net imports. If that happens, some said prices could rally more.

"As we get into 2018 and 2019, more oil is coming onto the market, a lot of it from USA tight oil", said Simon Flowers, chief analyst at Wood Mackenzie energy consultancy.

BTS set to perform live on 'The Ellen DeGeneres Show'
The group will perform live on the show on November 21st, marking their US daytime television debut. The boys will perform to a live audience; the performance will air on 27 November.

During the week ending on 3 November, total U.S. commercial crude inventories rose by 2.2m barrels (consensus: 2.9m) versus the prior week to reach 457.1m barrels, according to the Energy Information Administration. But producers will discuss extending the deal through the end of next year when they meet in Vienna on November 30.

Crude oil prices drift lower early Wednesday after Saudi Arabia's monetary authority seeks to allay investor concerns.

In its short-term market report, published Tuesday, the U.S. Energy Information Administration raised its growth forecast for next year by about 6 percent to 720,000 barrels per day, to give an average production rate for next year of 9.95 million barrels per day. Last month, it expected a 680,000 bpd year-over-year increase to 9.92 million bpd.

Analysts surveyed by The Wall Street Journal had predicted crude supplies would fall by 2.1 million barrels on the week.

"It doesn't matter how bullish the fundamentals are ... when an asset goes vertical there is always room for a pullback and consolidation of recent price moves", said Greg McKenna, chief market strategist at brokerage AxiTrader.


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