By Srinivas Chowdary Sunkara // petrobazaar.com // 19-3-18
Oil prices settled at high during the last week
On Friday, Both the oil futures spiked suddenly by above 1 percentage as traders worried on a political news from middle east region. U.S crude oil futures closed with a weekly gain of 0.51 percentage while Brent was up by 1.11 percentage, erasing weekly losses.
During the week, EIA reported that the U.S crude oil stocks were piled up while products stocks were reportedly hefty down. OPEC monthly oil report indicated a further growth in oil demand for 2018 along with Global GDP growth while expecting a rise in non-OPEC production. IEA adjusted 2018 year's demand growth forecast upside saying that non-OPEC countries contributed to higher oil supplies during the Feb month. IEA monthly oil report further said that OPEC production edged lower while product stocks rose in OECD countries and cushing crude stocks reached their lowest levels during the month.
Crude oil price update
On Friday, U.S crude futures, WTI (West Texas Intermediate) went up by $1.09 at $66.21 with a weekly gains of 30 cents on Nymex while Brent futures rose by $1.15 at $62.34 after gaining 72 cents on London based ICE futures Europe exchange during the week. On Monday, Asian markets are opened down at the time of reporting.
U.S added 4 oil rigs into drilling activity during the last week, an early indicator of future supply. Oil rigs are at much higher from previous year and concerning the market that global supplies may come back again. I am in the opinion that increased number of rigs apart from bearish stock reports during the last week will pressure the oil prices today.
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