Oil Rallies on Chinese Import Boost and Mideast Tensions

14 October, 2017, 01:16 | Author: Gladys Mathis
  • Angola falls back from leading oil production in Africa

Prices are up 4.4 percent this week.

As Oil Price writes in the article Draw In Crude Inventories Lifts Oil Prices, EIA's report could reinforce oil price optimism, especially now that oilfield operators in the Gulf of Mexico are returning to normal operation after shutting down 92 percent of production capacity because of Hurricane Nate.

Brent, the global benchmark, rose 52 cents, or 0.9%, to $56.77 a barrel.

However, the IEA praised OPEC's efforts to rein in output and said its production had increased by only 10,000 barrels a day, adding that global supply had risen in September due to increased us production.

Chinese oil imports hit 9 million barrels per day (bpd) in September, data showed on Friday.

Unrest in Iraq also underpinned prices.

Later on Friday, U.S. President Donald Trump is expected to announce that he will not certify the 2015 Iran nuclear deal.

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On Friday, local television reported that tens of thousands of Kurdish fighters had deployed in the Kirkuk oil region to confront possible "threats" from Iraqi forces.

Tensions between the two, which traders fear could impinge on oil exports from the region, have been building since Iraq's Kurds overwhelmingly backed independence in a September 25 vote.

Despite the bullish signals, analysts warned that the Organization of the Petroleum Exporting Countries needed to extend its agreement to reduce oil output beyond its current March 2018 expiry date in order to clear stocks.

The OPEC expects demand to hike by 1.4 million barrels per day.

Separately, Saudi Aramco said it was considering shelving plans for an global public offering (IPO) in favour of a private share sale to world sovereign funds and institutional investors, the Financial Times reported, citing people familiar with the matter.

OPEC changed up its 2017 estimate as well: "World oil demand growth in 2017 is now expected to increase by 1.5 million bpd, representing an upward revision of around 30,000 bpd from last previous report, mainly reflecting recent data showing an improvement in economic activities". "If the IEA is right, then markets will continue to trade in the narrow" price band seen recently.

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