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

Strong gasoline demand lifts oil, but high OPEC supplies temper gains

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Jul 19, 2017
05:54 pm
Reuters

Oil rose on Wednesday, supported by strong demand for gasoline, but rising output from OPEC producers revived concerns about a persistent overhang of excess crude.

Brent crude futures were up 21 cents at $49.05 a barrel by 1204 GMT, while U.S. West Texas Intermediate crude futures were up 14 cents at $46.50 a barrel.

While U.S. crude stocks rose by 1.6 million barrels to 497.2 million barrels in the week to July 14, gasoline stocks fell by a whopping 5.4 million barrels, the American Petroleum Institute said on Tuesday.

"The (gasoline) draws reported by the API are very large and gasoline was already strong," Olivier Jakob of oil consultancy Petromatrix said.

"As long as you have gasoline that strong, it`s very difficult to sell crude oil aggressively."

Refinery upsets on the U.S. East Coast pushed the U.S. gasoline crack spread, or the profit from refining crude into the motor fuel, to a three-month high at over $20 a barrel.

But supplies from the Organization of the Petroleum Exporting Countries remain high, largely due to rising output from member states Nigeria and Libya, casting a shadow on efforts by the group to rebalance the market.

"Production in Libya is currently reported at or above 1 million barrels per day, while August loading schedules for Nigeria have risen to just over 2 million barrels per day," BNP Paribas said.

A Saudi Arabian industry source said on Tuesday that the kingdom, by far OPEC`s biggest producer, was committed to tightening the market.

"We hope to accommodate the rise in production from Libya and Nigeria taking into consideration other supply adjustments as well. But we emphasize that we have to work together with other producers and with the two countries," the source said.

Nigeria and Libya are exempt from a deal between OPEC and other producers, including Russia, to cut production by around 1.8 million barrels per day between January this year and March 2018.

"Talk of capping Nigerian and Libyan output has been growing fast (within OPEC). But it is very unlikely that both countries will acquiesce to a cap so soon after restoring production," BNP said.

Crude prices are down around 15 percent this year, making oil one of the worst-performing commodities in 2017.

(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:

LATEST NEWS

CBSE Board Exams 2021 – Students just cannot afford to miss what happened in this official meeting as calls to cancel exams get louder

CBSE Board exam 2021: After Maharashtra, UP boards, will CBSE CANCEL examinations? Here is latest news by official

Check best Happy Chaitra Navratri 2021 WhatsApp status, DP, stickers, GIFs, wishes, quotes, messages and greetings

Infosys share price: Expert says buy for a target of Rs 1710

Stock market holidays April 2021: BSE, NSE to remain closed tomorrow, next holiday on THIS day

Stocks picks with Anil Singhvi: Dr Reddy's, Alkem Laboratories, Torrent Pharma, Ajanta Pharma, Aarti Drugs are top recommendations today

Nifty Outlook: Is the correction cycle complete or is another fall in offing? Market Guru decodes trends

Amazing opportunity to BUY Gold this Gudi Padwa; fundamentals remain strong; INVEST HERE

CBSE Board Exam 2021: Cancel exams? 'CANCEL CBSE EXAMS', says Arvind Kejriwal - latest news and updates here

Ramadan 2021: Moon sighting, Roza rituals, timings for Sehri and Iftaar—All you need to know

  • 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