Economy

Crude Oil Prices - Weekly Outlook: October 23 - 27

Crude Oil Prices - Weekly Outlook: October 23 - 27”

Oil prices fluctuated Monday amid concerns about the potential for supply disruptions resulting from tensions in the oil-rich Kurdish region of Iraq. The number of oil drilling rigs fell by seven, or by 0.9 percent, to 736 units.

Oil exports from southern Iraq have fallen by 110,000 barrels per day this month, according to shipping data and an industry source, adding to the drop in flows from OPEC's second-largest producer caused by a shortfall from the northern Kirkuk fields.

Prices are also being supported by the lingering impact on production by Hurricane Harvey which hit the Texas Gulf Coast area almost two months ago and a third week of declines in the number of US drilling rigs. Not even upbeat comments from Mohammad Barkindo, Secretary-General at the Organization of the Petroleum Exporting Countries, could lift the markets as analysts questioned whether the cartel's efforts to balance the market will do the job.

U.S. West Texas Intermediate (WTI) crude is up by 0.39 percent and stands at $52.04 per barrel, meanwhile Brent crude jumped by 0.21 percent-at $57.87 a barrel, according to Reuters.

The global benchmark ended the week with an increase of approximately 1%, supported by growing indications that the market was starting to rebalance. The agreement was extended in May of this year for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices.

Procurement of oil by India in September amounted to 4.83 million barrels per day, which is 4.2 percent higher than the same period of a year ago, and the level of August by nearly 19 percent. It closed up around 3.5% for the week. Geopolitical risk from the Middle East returned to the oil market, but oil prices did not surge as they would have done in previous years, in a sign that the market is still not feeling an imminent shortage of supply.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Still, analysts point to data showing that USA shale oil producers are poised to bring more crude online, which will weigh on oil prices.



Like this

loading...
loading...

Latest


23 October 2017
New California Fire Warnings Issued Amid Extreme Heat, High Winds
Not only do we have state, federal and local fire resources, but we have additional military aircraft on the ready. The National Weather Service (NWS) said brace for very hot coastal and valley areas on Monday and Tuesday.

23 October 2017
Stock Impressing Investors: Emerson Electric Co. (NYSE:EMR)
Berkshire Asset Management Llc decreased Wp Carey (NYSE:WPC) stake by 18,586 shares to 268,768 valued at $17.74 million in 2017Q2. Spark Ltd Com accumulated 21,200 shares. 440.67 million shares or 1.25% more from 435.22 million shares in 2017Q1 were reported.

23 October 2017
Rakesh Asthana appointed CBI special director
Sudeep Lakhtakia, who had been holding the additional charge of the DG of the Central Reserve Police Force (CRPF), after former DG K.

23 October 2017
Apple and Samsung Headed Back to Court for Patent Damages Retrial
Now, we'll have to wait and see whether or not Apple and Samsung are prepared to argue this out in court yet again. It sent the case back to federal district court to define "article of manufacture".

23 October 2017
John Stamos proposes to Caitlin McHugh
After the pair had their private moment, they headed over to 21 Royal where they celebrated with their families, reports People . McHugh told "Entertainment Tonight" in January that "They say if you can do a film together, you can do anything together".

23 October 2017
JUST IN: Buhari orders immediate disengagement of Abdulrasheed Maina
Maina was sacked from the civil service in 2013 and was in 2015 placed on wanted list of the International Police by the EFCC. The Senate after completion of its investigation issued a Warrant of Arrest against Mr Maina .

23 October 2017
Philippines Military: Battle in Marawi comes to a close
Brawner said that among those who were rescued recently are wives of terrorists who came out with the hostages. He reiterated the military's target to end the armed conflict in Marawi by midnight.

23 October 2017
Corey Feldman faces marijuana charge in Louisiana
Police said a search of the bus then revealed marijuana and prescription pills. Feldman was released without being booked into the police jail.

23 October 2017
Wells Fargo & (NYSE:WFC) Getting Somewhat Positive Media Coverage, Analysis Finds
Zacks Investment Research upgraded Wells Fargo & from a "sell" rating to a "hold" rating in a research note on Monday, July 10th. It worsened, as 44 investors sold PEP shares while 778 reduced holdings. 14 funds opened positions while 33 raised stakes.

23 October 2017
Top US diplomat due in Pakistan Tuesday
Islamabad has asked Washington not to make Pakistan scapegoat for its failure in Afghanistan. Rex Tillerson is visiting Pakistan on invitation of Foreign Minister Khawaja Muhammad Asif.