Oil Price Hit New High In 2017

Oil Price Hit New High In 2017

Amid falling oil inventories, "it looks as [if] the market has started to get convinced that the rebalancing is actually happening", Tamas Varga, an analyst at PVM Oil Associates Ltd. said in a note Monday.

Portfolio managers also increased their already large net long position in USA gasoline by a further 3 million barrels to 71 million, the highest since April 2014. The growth in United States production has been the biggest impediment to oil prices this year and any slowdown on that front could provide a good lift to prices in the medium term.

Improving global growth, especially in emerging economies and the eurozone, is also pushing up oil prices by increasing demand for energy, while the damage to USA shale output in the wake of Tropical Storm Harvey could also lift Brent.

Chancellor Angela Merkel's CDU and Bavarian allies, the Christian Social Union (CSU), won 32.5% of the vote, making them by far the largest parliamentary group, according to an exit poll for the broadcaster ARD, but that is down from 41.5% in the last election in 2013 and lower than recent polling.

In the past three months, the price of Brent crude oil-the global benchmark-has steadily climbed by almost 30%, reaching nearly $60 a barrel this week. "We offer them, and everyone impacted by the devastating events, our full support as the region recovers". USA storm damage and strengthening economies may have finally dislodged sentiment away from resignation to a future of low oil prices. That was higher than the 3.5-3.9 million barrels expected by analysts but still smaller than weekly builds of up to 8 million barrels seen in the first two quarters.

In August, OECD stocks were 190 million barrels above the 5-year average compared to an excess of 219 million in July. The oil price squeeze has been orchestrated by the Opec oil producers' group but could be exacerbated if Turkey follows through on threats to block supplies from Kurdistan. "We travel a lot here and prices going higher are sometimes a huge cost for us", said Rahul Rajeev, an Indian student.

Air traffic 'glitch' grounds Sydney flights
Please check with your airline for flight status", the airport's official account said. The New Daily has contacted Sydney Airport and Qantas for comment.

The meeting noted that overall compliance by OPEC and non-OPEC participating countries to the agreement on crude oil production cut for the month of August was 116 percent, the highest since the agreement came into effect January 2017.

But, as I wrote here, that boost to demand growth comes entirely from a downward revision to last year's oil use, not an increase in how much the IEA thinks the world will consume this year.

The Platts announcement follows the launch a year ago by rival price agency Argus Media of U.S. Gulf Coast crude prices for the Asia-Pacific. This implies that almost 3.6 mbpd of demand which was affected could now come back. More US refineries returning to normal operations will keep prices bid up in the coming days. Recently, the WTI futures contract had been straddling the $50.30 level.

Brent (BNO) and USA crude oil (USO)(UCO) prices have risen 25% and 18% in the last three months, respectively.

Looking ahead, the price has strong support at Rs 3,200-3,160 zone and short-term bias remains positive above the same.

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