Brent hits $60 for first time in two years

28 October, 2017, 01:17 | Author: Earnest Huff
  • A view of Mexico's national oil company Pemex's refinery in Salamanca

"So even though the dollar is giving back some of its move, crude may now be trading off of a new driver, the technical breakthrough to a new high". Current OPEC compliance with production cut plans remains above their historical average, and it usually takes between two to three quarters for inventories to normalize after the cuts.

Oil traders should be aware that the holdings of ETFs like USO's underlying portfolio includes front-month WTI future contracts, and the oil futures market is now in a state of contango.

It was back in early July 2015 when Brent saw such a healthy price.

The eyes of the world were firmly fixed on Saudi Arabia this week at a major conference focused on investment and development.

On Tuesday, Saudi Arabian Energy Minister Khalid al-Falih on Tuesday raised the prospect of prolonged output restraint once an OPEC-led pact to cut supplies ends. "We will support anything to stabilise the oil demand and supply", Saudi Arabia's Crown Prince Mohammad bin Salman told Reuters on Thursday when asked whether the kingdom would support extending an agreement to cut supplies until the end of 2018.

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OPEC and some major producers outside the cartel, including Russian Federation, first agreed late a year ago to cap their production at around 1.8 million barrels a day lower than peak October 2016 levels, with the aim of alleviating global oversupply and boosting prices.

Meanwhile, analysts and investors are looking ahead to monthly US supply and demand data, out on Tuesday. Brent crude was trading up 1.61% at $59.99 at that time-more than $2 over last week's close.

Daily exports of American crude, diesel and other petroleum products climbed to a record 7.66 million barrels last week, signaling stronger demand, the Energy Information Administration said in a report Wednesday. Analysts had been expecting a decline in inventories by more than 2.5 million barrels.

In another positive sign, oil supplies at the key Cushing, Oklahoma, pipeline hub decreased for the first time since August, while gasoline supplies fell by 5.47 million barrels and distillate supplies dropped by 5.25 million barrels.

"However, rising oil production in the U.S. and persistently high exports from the country will be the key bearish factors". Futures were poised to cap their biggest weekly rally since July in London, and crude in NY increased to a six-months high.

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