Oil rises ahead of United States weekly inventory figures

Oil rises ahead of United States weekly inventory figures

Tighter markets have lifted both crude benchmarks about 13 percent above levels in early December, helped by production curbs by OPEC and Russian Federation, as well as by healthy demand growth. MCX Crude oil futures closed at Rs 4084 per barrel yesterday, flat on the day after hitting highs near Rs 4100 levels. The Fed said industrial output surged 0.9% last month also buoyed by robust gains in mining production, after slipping 0.1% in November. Moderate profit correction is being witnessed but follow up buying is very strong.

The US West Texas Intermediate crude February contract was down 15 cents or about 0.27 per cent at $63.56 a barrel by 10:00 a.m. ET (14:00 GMT), close to the previous session's three-year peak of $64.89.

Al-Sabah acknowledged the positive response of the oil market to the implementation of the "Declaration of Cooperation" in 2017, including the unprecedented high levels of conformity with the voluntary production adjustments, with participating countries seeing average monthly conformity levels of more than 100 percent throughout the whole year.

The Organization of the Petroleum Exporting Countries and Russian Federation have been curbing production since January 2017; the cuts are set to last through 2018. The cuts are set to last through 2018.

USA drillers are likely to start pumping more oil after a sharp rally in prices since December, Goldman analysts say.

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Crude oil futures rose Wednesday, staying near recent 4-year highs ahead of United States inventories data. This would put the USA on par with Saudi Arabia and Russia's output, ” Razaqzada said.

Rashidi explained that the market is now stable enough to accommodate any issues that do not have a major impact on supply and demand, adding: "control of production will insure stability of the market more than any factor such as relations between countries".

Earlier, oil minister said the oil market was expected to re-balance towards the end of 2018 and any strategy to exit a deal on supply cuts between OPEC and non-OPEC oil producers would be gradual.

US refinery crude runs fell by 420,000 bpd and refined product stocks rose, implying a well supplied market.

This week, the API is reporting another, although smaller, build in gasoline inventories of 1.782 million barrels for the week ending January 12. The U.S. government's weekly supply data is due on Thursday.

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