Brent crude oil above $57, nearing the highest close since 2015

27 October, 2017, 01:03 | Author: Gladys Mathis
  • WTI Crude Oil

The data also showed that US crude production rose 1.1 million bpd last week to 9.5 million bpd after a decline due to Hurricane Nate, while USA oil exports hit a new record four-week average of 1.7 million bpd.

Crude oil is dispensed into a bottle in this illustration photo June 1, 2017.

The West Texas Intermediate for December Delivery added 0.57 dollar to settle at 52.47 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery gained 0.96 dollar to close at 58.33 dollars a barrel on the London ICE Futures Exchange.

Oil was down earlier in the session as crude flows through Iraq's northern pipeline to Ceyhan in Turkey rose further.

Brent crude oil, the world's worldwide oil benchmark, jumped towards $58 a barrel on Monday - its highest level since January - and was on course to close at the highest level since 2015, The Financial Times reported.

"It seems like there's an terrible lot of competing drivers ... and crude seems confused", said Stewart Glickman, head of energy research at CFRA Research in NY.

The world's biggest crude exporter also raised the prospect of extending oil supply cuts once the Organization of the Petroleum Exporting Countries' (OPEC) deal ends.

"However, the turn down in drilling has yet to temper the optimism of most forecasts of USA output growth in 2018".

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Oil Futures Editor Geoffrey Craig said crude oil prices were previously stuck in a lower range because of "mixed signals" coming in response to official data provided by the U.S. Energy Information Administration, which publishes its results on Wednesday mornings. U.S crude inventories likely fell for the fifth straight week, a preliminary Reuters poll showed on Monday.

Elections for the presidency and parliament of Iraq's Kurdistan region set for Nov 1 have been delayed by eight months, the regional parliament announced Tuesday.

Typically, the pipeline transports about 600,000 bpd.

Iraq could still boost southern exports throughout the rest of October and plans to do so.

Brent crude closed at a 27-month high on Thursday as the market focused more on comments from Saudi Arabia about ending a global supply glut instead of an unexpected increase in US crude inventories and high USA production and exports.

US Secretary of State Rex Tillerson urged the Iraqi government and the Kurdistan region on Monday to resolve their conflict over Kurdish self-determination and disputed territories through dialogue.

"I wouldn't be surprised to see WTI going up to $55 a barrel and Brent to $60 a barrel before the beginning of November", he said.

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