By Srinivas Chowdary Sunkara // petrobazaar // 23-11-2017.
Crude oil prices arrowed down after WTI reached a two year high. shutdown of keystone pipeline and draw down in U.S crude stocks continued to bolster the market. EIA report stoked more buying interest into bulls. Crude stocks are reportedly drawn by 1.9 million barrels where as gasoline stocks were not changed. U.S production was ramped up by 13K bpd at 9.658 mbpd where as net imports are slid. U.S crude exports are gone up by 0.462 mbpd. These numbers are indicating that U.S will be biggest oil producer in the world in the next five years without question of doubt. U.S crude stocks are getting converted into production at a fast pace which will ensure that US will never have to go through shortages at the pump. To my surprise, Brent may test $70 before next week's OPEC meeting.
WTI and Brent price update
U.S crude oil grade WTI futures for January delivery is trading at $58.28 per barrel while Brent is moving up at $63.33 a barrel at the time of reporting.