Published: Wed, January 03, 2018
World | By Camille Rivera

Goldman Sachs raises 2018 oil price forecast

Goldman Sachs raises 2018 oil price forecast

It was the first time since January 2014 that the two crude oil benchmarks opened the year above $60 United States per barrel.

United States output is up nearly 16 percent since mid-2016, but still shy of the 10-M BPD most analysts had expected by year's end, which would trail only Top exporter Saudi Arabia and Top producer Russian Federation.

WTI rose 58 cents to $60.42 per barrel on Friday, its best closing price since June of 2015; Brent rose 76 cents to $66.92 per barrel.

Higher US crude oil exports could negatively impact oil prices globally.

Supply discipline and demand to prop up oil prices in 2018
West Texas Intermediate (WTI) crude futures were at $60.16 a barrel at 0210 GMT, up 33 cents or 0.5 percent from their last close. Inventories are now down by nearly 20% from their historic highs last March and well below this time previous year or in 2015.

Crude Oil prices closed Y 2017 with strong gains on signs the global glut that has dogged the market since Y 2014 is shrinking.

"If we don't see that pattern continue then, we could see a significant correction".

Extreme cold weather across much of North America could also boost USA crude prices by causing production problems in the oilfields.

Oil prices rose to their highest level since mid-2015 today as large anti-government protests continued in Iran.

Wind Chill Warnings/Advisories continue across our area into Tuesday morning
Temperatures will be in the teens at midnight, including in the city, with a wind chill in the low single digits. Clear and cold tomorrow night with low temps in the single digits to low teens and a negative wind chill.

Specifically, slightly more than half the survey's respondents expect the rig count to continue to climb six months from now, but almost all said oil above $60 will be needed for a substantial increase.

In worldwide markets, China has issued crude oil import quotas totalling 121.32 million tonnes for 44 companies in its first batch of allowances for 2018.

For the whole of 2017, Russia's average annual oil production increased for a ninth year in a row.

Only rising USA production, which is on the verge of breaking through 10 million bpd, is weighing on the price outlook for 2018.

Instagram users to now see 'recommended posts' in home feed
For now, the recommended posts will appear after you've gone through the posts in your main feed from people you do follow . Until now, Instagram showed you recommended posts based on the posts you like as well as the accounts you follow.

Libya is to start repairing the pipeline near the Es Sider terminal this weekend, a Libyan oil official said, while the Forties pipeline was already pumping close to normal levels, according to trading sources.

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