Published: Fri, March 02, 2018
Money | By Michele Stevens

Oil climbs with support from Libyan outage, Saudi comments

Oil climbs with support from Libyan outage, Saudi comments

Not only is the USA boosting oil production, but it is also increasing its oil exports, including to the prized Asian market on which Saudi Arabia and Russian Federation have been competing for market share.

"We got a little extended on the upside - we had a price advance of more than $6 a barrel in crude in less than two weeks", said Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates. If confirmed in a government tally scheduled to be released today, inventories will have racked up increases in four of the past five weeks.

Earlier on Tuesday, the prices of both varieties rose slightly, continuing its growth in recent days. US Dollar fluctuations also weighed on the prices.

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The rapid decline in United States stockpiles and growing demand for crude from the country's booming shale fields are helping reassure the market that production cuts led by OPEC are working. USA crude was down $1, or 1.6 percent, to $60.66 a barrel, after touching a low of $60.18.

"Libya is another outage", said John Kilduff, partner at investment manager Again Capital in NY. Heftier stockpiles and a slide in refiner demand "should end up being a bearish factor for the market as well".

Analysts note that the prices for oil grow at the expense of strict discipline Saudi Arabia to meet the conditions of the global Pact OPEC+. The dollar index hit a near six-week high on Thursday following consumer inflation figures showing the largest gain in 12 months. "It seems like shale producers are really getting a lot of efficiency for their capital investment and seem to be making money at these levels".

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West Texas Intermediate for April delivery added 25 cents to $63.80 a barrel on the New York Mercantile Exchange as of 1:09 Singapore. The global benchmark crude traded at a US$3.62 premium to WTI.

The compliance rate was 129 per cent in December and 122 per cent in November.

NEW YORK, Feb 27 (Reuters) - Oil fell on Tuesday as a firmer dollar encouraged investors to take profits from a two-week rally ahead of weekly data that analysts have forecast will show a build in US crude inventories.

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The contract rose 3.8 percent from last week's US$64.84 a barrel. However, inventories are forecast to have risen by 2.7 million barrels last week, a preliminary Reuters poll showed on Monday. EIA data also showed distillate stockpiles, which include diesel and heating oil, fell by 1 million barrels, versus expectations for a 709,000-barrel drop.

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