Thomson Reuters Markets
Oil prices ticked up Thursday morning as traders expecting OPEC’s and non OPEC`s agreement for production cut to be extended until the end of 2018. Brent crude had gained 0.52% to trade at $63.44/bbl by 08.25 AM GMT, while at the same time WTI had increased to $57.47/bbl, 0.30% from yesterday’s settle.
EIA data showed that crude oil output in the US increased for the week ending on 24th November, gaining 24,000 bpd compared to the week prior, to stand at 9.68 million bpd.
US crude inventories decreased by 3.42 million bbl last week to 453.7 million bbl, versus an expected drop of 2.3 million bbl, according to a Reuters poll. Crude imports declined by 544,000 bpd to 7.32 million bpd.
Crude oil input into refineries increased by 165,000 bpd to stand at 17.01 million bpd, with utilisation increasing by 1.3% to 92.6%. Gasoline stocks increased almost 3.62 million bbl to 214.1 million bbl, exceeding expectations for a 1.19 million bbl increase.
The Oil Research Team
Supply Chain & Commodities Research
