Economy

Oil extends rally before OPEC meeting after USA stockpiles fall

Oil extends rally before OPEC meeting after USA stockpiles fall

The price of oil hit its highest level in three and a half years yesterday, after American figures showed that the market had tightened more than expected and Saudi Arabia signalled that it wished to see prices rise to $80 or $100 per barrel.

Brent crude oil futures were up 0.87 percent at Dollars 74.08 per barrel, from their last close while US West Texas Intermediate (WTI) crude futures were up 0.74 percent, at USD 68.98 a barrel.

U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 61 cents to $69.08.

On Wednesday, the US Energy Information Administration released a reportshowing oil inventories in the US fell by 1.1 million barrels last weekto about 428 million barrels.

Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation fell up to 7 percent intraday after crude oil prices rallied more than 3 percent on decline in United States crude inventories. The U.S. draw-downs underlined optimism that an OPEC-led effort to curb global supplies will be reinforced later this week when the cartel and allied producers gather in Saudi Arabia.

"We feel we are at the point where further price support is unlikely unless there is an (unexpected OPEC) supply cut", said Georgi Slavov, head of research at brokerage Marex Spectron.

Also today, the chief executive of oil major Total, Patrick Pouyanné, warned that high oil prices could start eroding-albeit slightly-oil demand growth.

More news: Michael Cohen's Documents Reveal Sean Hannity Is A Potato

Benchmark 10-year notes last fell 17/32 in price to yield 2.9284%, its highest since February 21.

Crude has been rallying this week amid rising supply concerns.

Global resource stocks were the winners from Thursday's higher in prices.

Japan's Nikkei faded late in the day to end up 0.15 per cent, but basic materials and utilities both climbed more than 2 per cent.

Earlier, Saudi Crown Prince Mohammed bin Salman said he wants long-term cooperation with Russian Federation to stabilize oil prices. Oil stocks in developed economies in February stood a mere 43 million barrels above the latest five-year average, down from 340 million barrels above in January 2017.

"US production is too responsive to high price and there is still plenty of crude oil in tanks", he said.

Meanwhile, production continues to decline in Venezuela, where economic crisis has paralyzed the nation's lifeblood oil industry. OPEC wants to lure more producers to join the output-reduction deal, U.A.E. Energy Minister Suhail Al Mazrouei said in a Bloomberg Television interview.


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