Published: Sat, October 14, 2017
Markets | By Noel Gibbs

Crude Oil Rebounds Ahead Of US Rig Count

Crude Oil Rebounds Ahead Of US Rig Count

Chinese oil demand is on track to rise by 820,000 barrels a day this year, according to Jefferies Group LLC.

Oil prices declined on Thursday, after the International Energy Department reported a bearish outlook of the market. U.S. West Texas Intermediate (WTI) crude was at $51.41 per barrel, up 81 cents from its last settlement. Prices are up 4.4 percent this week. "Positive revisions were primarily a result of higher-than-expected oil demand from the OECD region and China", the report says, referencing the Organization for Economic Cooperation and Development (OECD), the Paris-based multilateral institution comprising some of the world's biggest economies.

Global oil stockpiles will fall this year by 300,000 barrels a day as stronger demand and output curbs by OPEC and Russian Federation whittle away a surplus, the IEA said Thursday in its monthly report.

"We woke up with the strong data from China". Instead, he gave the U.S. Congress 60 days to decide whether to reimpose sanctions. "That's on the supportive side", Olivier Jakob, managing director of PetroMatrix, said.

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China's robust imports have been driven by purchases for its strategic petroleum reserves (SPR).

As Oil Price writes in the article Draw In Crude Inventories Lifts Oil Prices, EIA's report could reinforce oil price optimism, especially now that oilfield operators in the Gulf of Mexico are returning to normal operation after shutting down 92 percent of production capacity because of Hurricane Nate.

Unrest in Iraq and the prospect of a tougher U.S. action on Iran nuclear deal also underpinned prices.

Kurdish authorities have sent thousands more troops to the oil region of Kirkuk to confront "threats" from Iraq's central government, the vice president of the autonomous Kurdistan region said.

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Tensions between the two, which traders fear could cut off oil exports from the region, have been building since Iraqi Kurds overwhelmingly backed independence in a September 25 vote.

President Donald Trump is expected to reveal in a speech Friday afternoon whether he will certify a 2015 worldwide agreement with Iran to curb the Islamic Republic's nuclear program in exchange for economic sanctions relief.

The OPEC expects demand to hike by 1.4 million barrels per day.

Many oil traders have said the reason OPEC has been compliant with the production cut agreement was because Saudi Arabia wanted the cuts to work to prop up oil prices ahead of the Aramco IPO.

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