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 rises after report shows large crude-stockpile drop

Pubdate:2018-12-12 10:33 Source:liyanping Click:

NEW YORK and LONDON (Bloomberg) -- Oil edged higher after a U.S. industry report signaled a bigger-than-expected draw in crude inventories last week.


Futures rose above $52/bbl in New York. The industry-funded American Petroleum Institute was said to report U.S. crude supplies fell 10.2 MMbbl last week, according to people familiar with the data. Earlier, oil settled higher on renewed optimism that announced production cuts from the OPEC+ coalition will re-balance global markets, while Libya’s biggest field remained shut, taking supply off line.


Saudi Arabia has said it plans to slash output to about 10.2 MMbopd in January, down 900,000/day from November. On Tuesday, Russian Energy Minister Alex Novak said his country will reduce output next month by at least 50,000 bopd to 60,000 bopd, about 11,000 below November.


"The Russians committing to the cut and putting a number out, even though it was relatively small, allowed the markets to rally," said Bob Yawger, director of futures at Mizuho Securities USA. "Once the rally started, there were still lots of people still short so it flushed a lot of them out."


Crude has sunk about 30% from a four-year high in early October, with volatility reaching a two-year high last month. While analysts from Goldman Sachs Group Inc. to Morgan Stanley are optimistic the OPEC+ curbs will bring relief to the market, they’re concerned over the longer-term effectiveness of the pact.


That sentiment was echoed by commodity hedge fund Philipp Oil, which said in an investor letter that while Brent has found a floor of around $60/bbl after the supply limits were announced, weaker oil demand and booming U.S. shale output will keep markets oversupplied.


West Texas Intermediate futures prices traded up to $52.11/bbl at 4:34pm, after settling at $51.65/bbl on the New York Mercantile Exchange, a $0.65 increase over Monday.


Brent for February delivery climbed $0.23 to settle at $60.20/bbl on London’s ICE Futures Europe exchange. The global benchmark crude traded at an $8.36 premium to WTI for the same month.


The U.S. Energy Information Administration will issue its inventory report on Wednesday at 10:30 a.m. in New York.


Libya declared force majeure earlier this week at the Sharara oil field after an armed group forced a production halt. The shutdown will result in an output loss of 315,000 bopd, state producer National Oil Corp. said on its website.


U.S. equity markets and European stocks rallied earlier as investors weighed the prospects for success in American-Chinese trade talks. China is moving toward cutting its trade-war tariffs on imported U.S.-made cars, a step already brandished by Trump as a concession won during trade talks in Argentina.


主站蜘蛛池模板: 无码精品人妻一区二区三区av| 97视频免费在线| 波多野结衣办公室33分钟| 好爽…又高潮了毛片免费看| 午夜三级A三级三点在线观看| 中文字幕无码无码专区| 老师你好电影高清完整版在线观看| 日本免费一区尤物| 国产一区二区三区不卡免费观看| 丰满人妻熟妇乱又伦精品软件| 老司机无码精品A| 师尊要被cao坏了by谦野| 免费观看a级毛片| 99久久中文字幕伊人| 欧美黑人性暴力猛交喷水| 国产色a在线观看| 亚洲一级毛片免观看| 黄色特级片黄色特级片| 日本亚洲精品色婷婷在线影院 | aⅴ在线免费观看| 深夜放纵内射少妇| 国产精品第100页| 亚洲av永久无码精品古装片| 高h视频在线免费观看| 日本久久久久久久| 午夜福利啪啪片| 99在线精品一区二区三区| 欧美肥老太肥506070| 国产日韩一区二区三区在线观看| 久久伊人男人的天堂网站| 美女张开腿让男人桶的动态图| 奇米精品一区二区三区在| 亚洲欧美日韩中文无线码| 免费观看黄色的网站| 日本二本三本二区| 免费观看我爱你电影| 91制片厂制作传媒免费版樱花 | 无码精品久久久天天影视| 动漫无遮挡在线观看| 777xxxxx欧美| 日韩亚洲av无码一区二区三区 |