The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Oil hits three-week high as glut shrinks faster than expected

Pubdate:2018-03-21 10:23 Source:liyanping Click:

NEW YORK (Bloomberg) -- Crude advanced to a three-week high as the OPEC-led alliance of major oil producers accelerated the timeline for curbing a worldwide supply glut.

Futures in New York climbed as much as 2.4% on Tuesday. Global crude supplies will come into balance with demand by the end of September, sooner than previous forecasts, according to the special committee appointed by the OPEC-led group to oversee their historic accord. Concerns that President Donald Trump may toughen sanctions against Iran -- OPEC’s No. 3 producer -- also fanned the rally.

The OPEC-allied nations are “pretty much sticking to their guns and they continue to say they are in it until the oversupply is done,” said Bart Melek, head of global commodity strategy at TD Securities in Toronto, said.

Crude in New York has advanced more than 5 percent this year as the oversupply that crushed prices in the 2014-2016 slump began to drain. Record high U.S. crude production coupled with mounting levels of stored supplies in American tanks and terminals forestalled any price breakouts. UBS Group AG said it maintains a negative view on prices because of near-term builds in inventories.

“The oil market is in reasonably good health,” said Ole Sloth Hansen, an analyst at Saxo Bank A/S in Copenhagen. “Oil is settling into a wide range between $60 and $70. Storm clouds could emerge if global demand growth begins to be called into question.”

West Texas Intermediate for April delivery, which expires Tuesday, advanced $1.54 to $63.60/bbl at 11:10 a.m. on the New York Mercantile Exchange, the highest intraday level since Feb. 27. The more-active May futures contract rose $1.20 to $63.33.

Rebalancing scenario

Brent for May settlement surged $1.26 to $67.31 on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a $3.98 premium to WTI for the same month.

The special committee established to monitor compliance by the nations aligned with Saudi Arabia and Russia to curb supplies said its timeline assumes Libya and Nigeria keep output at February levels and other participants in the deal maintain full adherence, according to the people familiar with the matter who weren’t authorized to discuss it publicly.

In the U.S., crude stockpiles probably expanded by 3.2 MMbbl last week, according to a Bloomberg survey ahead of a government report scheduled to be released on Wednesday. Inventories held at the key Cushing, Okla., pipeline hub probably rose by 200,000 bbl last week, a forecast compiled by Bloomberg shows.

The industry-funded American Petroleum Institute will release its weekly inventories data later on Tuesday.

 

主站蜘蛛池模板: 日本最新免费二区| 韩国福利一区二区美女视频| 狠狠色狠狠色综合网| 婷婷色在线观看| 十九岁日本电影免费完整版观看 | 亚洲的天堂av无码| free性俄罗斯| 狂野小农民在线播放观看| 女子校生下媚药在线观看| 免费不卡中文字幕在线| r18bl各种play高h| 狠狠躁日日躁夜夜躁2020| 大学生情侣在线| 亚洲精品国产精品乱码视色| 97精品人妻系列无码人妻| 欧美日韩激情在线一区二区| 国产精品无码免费视频二三区| 亚洲国产中文在线视频| 亚洲成a人片在线看| 最猛91大神ben与女教师| 国产女人高潮抽搐喷水免费视频| 久久综合九色综合网站| 青娱极品盛宴国产一区| 成年女人永久免费观看片| 啊哈~在加了一根手指| www.色偷偷.com| 毛片免费观看的视频| 国产精品亚洲欧美日韩一区在线| 亚洲av永久无码精品秋霞电影影院| 成人福利在线视频| 日本一区二区三区在线看| 十九岁日本电影免费完整版观看| mhsy8888| 欧美在线一卡二卡一卡3卡4卡5| 国产熟睡乱子伦视频在线播放| 久久机热re这里只有精品15| 美美女高清毛片视频免费观看| 女大学生沙龙室3| 亚洲最大中文字幕| 黄色片视频国产| 性一交一乱一伧老太|