Oil Prices rise Higher Despite Crude BuildNaija247news

Crude Oil

In the previous week ending October 19, WTI and Brent lost 3.7 percent and 1.2 percent, respectively, and WTI and Brent settled at 69.12 USA dollars and 79.78 dollars per barrel, respectively, at the end of the week. Saudi Arabia raised production by 150,000 barrels to 10.68 million a day, the highest in Bloomberg data going back to 1962, while Iranian volumes slipped by 10,000 barrels a day to 3.42 million, the lowest since March 2016. EIA forecasts that US crude oil production will increase by 1.0 million b/d in 2019.

Analysts said oil prices were also supported by the upcoming US sanctions against Iran's crude exports that will start on November 4.

United States crude oil production as estimated by the Energy Information Administration showed no change in production for the week ending October 19 at 10.9 million bpd-300,000 bpd off the highest ever U.S. production of 11.2 million bpd reached just weeks ago. Saudi Arabia and Russian Federation have said they will pump enough to meet demand once USA sanctions are imposed.

As Washington hopes to curtail all Iranian oil exports, the market appears to have this priced in.

To the extent that interest rate changes would be inappropriate if not for the inflation generated by rising oil prices, then the adverse economic impact coming from the oil market could be twofold in some countries. Ultimately, this is a market that is testing a major support level, and even though we pierced that level, by the end of the day it looks like the buyers are quite ready to give up. The more-active January contract LCOF9 fell 91 cents to settle at $75.04 a barrel.

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However, the effects of the USA withdrawal from the Joint Comprehensive Plan of Action (JCPOA) in May, the resumption of Iran sanctions and the potential response from other countries pose significant uncertainty to the forecast.

Increases in global supply, as well as trade war tensions between the USA and China, sent oil plunging earlier in the week. Now trade is carried out by the exchange's two divisions, the NYMEX Division and the COMEX Division, the first one designed for trades of oil, gas, platinum, palladium, ethanol, coal, electricity and carbon dioxide emissions, the second one for gold, silver, copper and aluminum.

Crude had edged higher earlier on Friday after Bloomberg reported that U.S. President Donald Trump wants to reach an agreement on trade with Chinese counterpart Xi Jinping at the Group of 20 summit in Argentina later this month, and has asked key U.S. officials to begin drafting potential terms. WTI picked up 0.26 dollar to settle at 67.59 dollars a barrel.

According to the government and ship-tracking data, imports of Iranian crude oil by China, India, Japan and South Korea in September fell 40.9 percent from a year earlier.

Bears guarding $ 64 barrier, as rising global supplies continue to weigh.

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