Oil price steady amid rising US output

Dhaka,  Tue,  26 September 2017
Published : 21 Aug 2017, 12:43:29
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Oil price steady amid rising US output

Oil price steady amid rising US output
Oil markets were stable on Monday, though rising US output weighed on hopes the market will tighten after a 13 per cent fall in US crude inventories since March.

Brent crude futures, the international benchmark for oil prices, were at $52.70 per barrel at 0302 GMT, down a cent from their last close.

US West Texas Intermediate (WTI) crude futures were at $48.54 a barrel, up 3 cents from their last settlement.

This came after a 3.0 per cent jump in prices on Friday.

Traders said the market was somewhat held back by rising US production, which has broken through 9.5 million barrels per day (bpd), its highest since July 2015.

But the rise in US output may soon slow, as energy firms cut rigs drilling for new oil for a second week in three, the Baker Hughes energy services firm reported on Friday. 

Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, Baker Hughes said.

"The rig count suffered its biggest fall since January, adding to signs that the market is tightening," ANZ bank said on Monday.

Also, US commercial crude inventories have fallen by almost 13 per cent from their March peaks, to 466.5 million barrels, according to Reuters.
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