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: 中国好声音第二季免费播放| 国产丰满乱子伦无码专区| 亚洲欧美综合在线天堂| 99热在线观看免费| 濑亚美莉在线视频一区| 天天躁夜夜躁狂狂躁综合| 免费人成年激情视频在线观看| xxxxx69hd杨幂| 狠狠躁夜夜躁人人爽天天天天97| 天天操天天爱天天干| 亚洲综合一二三| 777奇米四色| 日本高清色www网站色| 欧美乱大交XXXXX疯狂俱乐部| 国产精品久久久久免费a∨| 亚洲一区二区三区免费观看| 国产叼嘿久久精品久久| 日韩aaa电影| 囯产精品一品二区三区| 丁香伊人五月综合激激激| 真实国产老熟女粗口对白| 大胸年轻的女教师5中字| 亚洲欧美日韩精品久久奇米色影视 | 老司机电影网你懂得视频| 成人毛片免费看| 免费a级毛片永久免费| 97人妻人人揉人人躁人人| 欧美成人免费午夜影视| 国产无遮挡又黄又爽免费网站| 久久永久免费人妻精品下载| 老司机午夜在线视频免费观| 好大灬好硬灬好爽灬| 亚洲欧美日韩精品专区卡通 | 美女毛片一区二区三区四区| 婷婷久久香蕉五月综合| 亚洲欧美视频一级| 亚洲国产老鸭窝一区二区三区| 日本欧美大码aⅴ在线播放| 午夜成年女人毛片免费观看| 99久久99久久精品国产片果冻| 欧美三级中文字幕在线观看|