Monday, 24 September, 2018


Oil Prices Spike Amid Extremely Large API Crude Oil Draw (USO)

You'll pay more for gasoline next year even though U.S. crude oil production is expected to set records. Demand for gasoline is also setting records and U.S. prices are impacted by global oil production and demand Oil Prices Spike Amid Extremely Large API Crude Oil Draw (USO)
Conrad Doyle | 14 January, 2018, 05:53

US crude futures CLc1 were trading 22 cents to $63.19 a barrel as of 10:49 a.m. EST, while Brent LCOc1 rose 14 cents to $68.95 a barrel.

World oil prices rise on Wednesday morning after the publication of the data of the American Petroleum Institute (API) on the reserves of "black gold" in the USA, gaining a foothold on the record levels achieved the day before. Earlier prices rose to as much as $63.53, the highest since December 9, 2014. The Brent benchmark was trading up 1.76 percent at 68.97 dollars. The economic analysts are looking for import prices to rise 0.4% compared to 0.7% in November.

Oil prices dipped on the news before recovering.

An oil well pump jack is seen at an oil field supply yard near Denver, Colorado, U.S., February 2, 2015.

Last week, the American Petroleum Institute (API) reported a large draw of 4.992 million barrels of crude oil, along with an increase in gasoline inventories of 1.87 million barrels.

WTI light sweet crude oil rose 60 cents to USD63.64 a barrel this morning, the highest in more than three years.

Crude stocks at the Cushing, Oklahoma, delivery hub USOICC=ECI fell by 2.4 million barrels, EIA said. Following the meeting, was signed an agreement to reduce oil production by a total of 558,000 barrels per day starting from January 2017.

The and allies including Russian Federation are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories.

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