Oil Prices Rise On Report Of Lower US Crude Inventories

08 February, 2018, 01:03 | Author: Teresa Adams
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Oil now trades above $64 a barrel, enough for many U.S. producers to finance both expanded drilling and dividends for shareholders.

The API also reported a draw in gasoline inventories of 227,000 barrels for the week-ending February 2. Higher output could undercut prices, analysts said, noting that official estimates for US production gains were recently increased. Demand, however, continues to grow. Analysts had expected a build of 3.189 million barrels.

World oil prices are growing in the course of trading on Tuesday amid the data of the American Petroleum Institute (API) about the unexpected weekly decline in USA stocks of raw materials, as well as with support from the correction in the US stock market after a strong fall.

That would be more than top producer Russian Federation which pumped on average 10.98 million bpd out of the ground in 2017.

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Meanwhile, the energy industry has grown more efficient after cutting costs in response to the plunge in crude oil prices in previous years, so they are now in a better position to improve revenue at lower oil prices.

The continuous rise in Chinese oil imports is due to several factors, the EIA says.

Abu Dhabi reportedly decided on the purchase of 700,000 barrels of light domestic crude because of the high quality of American condensate, which is more suitable to the Arab nation's refineries.

The dampening effects of surging U.S. production and a seasonal slowing down of demand were given a further boost last week, with the release of the USA wages data, which showed a stronger increase than expected. China's refinery runs increased by an estimated 0.5 million b/d in 2017 to 11.4 million b/d, driven in part by two refinery expansions in the second half of the year. Visit MarketWatch.com for more information on this news.

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But US producers have already far outpaced expectations and overcome serious challenges, including the recent effort by the Organization of the Petroleum Exporting Countries (OPEC) to sink shale firms by flooding global markets with oil. According to the EIA, 56 percent of China's crude oil imports came from OPEC members a year ago, compared to a peak of 67 percent in 2012. More so than other countries, Russian Federation and Brazil increased their market shares of Chinese imports between those years from 9% to 14% and from 2% to 5%, respectively.

Despite the Organisation of the Petroleum Exporting Countries (OPEC) and Russian Federation cutting production in order to tighten the market, crude remains in ample supply.

The Energy Department said Wednesday that crude inventories rose for the second consecutive week, adding almost 2 million barrels.

A weaker U.S. Dollar will be supportive for crude oil because it usually leads to increased foreign demand.

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