LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Oil little changed after record crude draw at U.S. hub

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Jan 19, 2018
02:05 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Oil was little changed on Thursday, as prices eased early in the session, but were supported by a record drawdown of U.S. crude stockpiles at the Cushing, Oklahoma delivery hub.

The market remains wary that OPEC-led output cuts will trigger price hikes that will increase supply from the United States.

Crude is just below its highest price since December 2014, supported by supply cuts led by the Organization of the Petroleum Exporting Countries and concern that unrest in producer nations such as Nigeria could further curb output.

U.S. crude inventories fell 6.9 million barrels last week, compared with forecasts for a 3.5 million-barrel draw, the U.S. Energy Information Administration said. Crude supplies at the Cushing, Oklahoma delivery hub for U.S. crude futures fell 4.2 million barrels in the week, the largest draw since at least 2004.

After falling the previous week due to cold weather, U.S. crude production rose to 9.75 million barrels per day last week.

OPEC`s monthly report on Thursday raised its forecast for oil supply from non-members in 2018.

"Higher oil prices are bringing more supply to the market, particularly in North America and specifically tight oil," OPEC said in the report, using another term for shale.

Brent crude , the global benchmark, settled down 7 cents at $69.31 a barrel. On Monday it touched $70.37, the highest since December 2014. U.S. crude was down 2 cents at $63.95, having hit its highest since December 2014 on Tuesday.

Brent has risen from $61 a barrel in early December and some analysts say the rally may be about to run out of steam.

"The upside is now limited for oil prices," said Fawad Razaqzada, market analyst at brokerage Forex.com. "U.S. oil producers will ramp up production in the coming months."

OPEC`s report follows a forecast from the EIA on Tuesday that it expects U.S. oil output to continue to rise in February with production from shale increasing by 111,000 bpd.

The agency previously said U.S. output could reach 10 million bpd in February and 11 million bpd in 2019.

Even so, traders said prices were unlikely to fall far due to the OPEC-led curbs and the risk of further disruptions.

Nigerian militants threatened to attack the country`s oil sector in the next few days, potentially hampering supplies in Africa`s largest exporter.

"The impact of such a threat, if carried out, would be significant on the global supply and demand balance," said Tamas Varga of oil broker PVM. "The market is still sensitive to geopolitical developments."

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

7th Pay Commission: CONFIRMED! 3% DA, DR hike for government employees, pensioners of THIS state from March 1

ISRO First Mission in 2021: Indian rocket to launch Brazilian satellite, PM Modi picture on spacecraft, space privatisation and more

Stock Market Outlook: Nifty, Bank Nifty crucial levels REVEALED; Anil Singhvi explains key reasons behind massive fall

IIT Bombay releases GATE 2021 answer key—This is how you can check and raise objection

CBSE exam 2021: Class 10, 12 students should know THESE 10 points before appearing for board exams

Govt sets 50 lakh users threshold to define 'significant social media intermediary' under IT rules

SoftBank reaches settlement with former WeWork CEO Neumann

PM Narendra Modi to inaugurate India Toy Fair today

Oil drops on dollar strength and OPEC+ supply expectations

Pensioners ALERT: RUSH! Last date to submit digital life certificate tomorrow—Avail doorstep service from SBI, PNB, BoB and other banks

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved