Economy

Crude Oil Tumbles On OPEC Report

Crude Oil Tumbles On OPEC Report”

US drillers added six oil rigs in the week to September 29, bringing the total count to 750, data from General Electric Co's (GE.N) Baker Hughes energy services firm showed on Friday. While demand has yet to catch up to elevated supplies, rebounding economies in Europe and steady economic growth in the USA could at least keep oil prices steady around current levels in the second half of 2017.

"Investors have really gained confidence in oil, after the OPEC cuts that were originally discussed earlier in the year are starting to take shape here, and oil production is being curbed", Phil Streible, senior market strategist at RJO Futures, said in an interview with CNBC.

Plus, end of last week, the Al Mazrouei's department announced increase of fuel prices because of the increase of crude oil price on the global market.

The market was supported in September by the impact of hurricanes in the United States, which delayed seasonal patterns that would normally send oil prices lower. With supplies outpacing demand, the glut of oil is expected to linger in 2018. Drillers put more rigs to work last week for the first time in over a month.

"We have also reduced our UK National Balancing Point gas price assumptions due to our updated oil price assumptions and an expectation that global liquefied natural gas capacity additions will probably result in a supply surplus", it said. "As much as the recent bull run has impressed, there are several headwinds looming on the horizon".

EFS *Brent's premium to Dubai swaps for December was at $1.94 per barrel.

USA crude was down 15 cents, or 0.3 percent, at $50.43 a barrel by 0041 GMT, after closing down $1.09 or 2.1 percent in the previous session.

Brent crude oil prices shot up more than 10 percent last month.

The state-owned company Abu Dhabi National Oil Company (Adnoc) has chose to cut its production for November, reflecting the country's commitment to its share of the reduction of 139,000 barrels per day scheduled by the Opec, UAE minister was quoted in a report by the state news agency WAM. "Nevertheless, the outlook remains for broadly stable oil prices over the near term", said the report.

"OPEC's average compliance rate slipped to 75% in July from nearly 100% at the beginning of the year, according to the International Energy Agency".



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