ibusinesslines.com
ibusinesslines.com July 18, 2018


Oil prices sink after International Energy Agency's outlook

13 October 2017, 09:43 | Kelvin Horton

The global crude market will rebalance next year if the Organisation of the Petroleum Exporting Countries (Opec) holds output at current levels - but oil prices are not expected to rise in 2018, a new forecast has suggested.

Brent crude futures, the worldwide benchmark for oil prices, were trading at $56.75 per barrel at 0649 GMT, up 14 cents, or 0.25 percent, from their last close.

At the end of 2016, OPEC and 11 independent producers -Azerbaidzhan, Bahrein, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan- agreed to reduce oil production by 1.8 million barrels per day.

Analysts and traders were expecting the from the U.S. Energy Information Administration due later Thursday to show a decline in crude stockpiles for the week ended October 6.

Elsewhere, were up 0.18% at $1.610 a gallon, while advanced 0.73% to $2.910 per million British thermal units.


A monthly oil report by the International Energy Agency (IEA) predicted global demand will grow by 1.6m barrels per day (bpd) in 2017 and 1.4m bpd in 2018.

US crude inventories are still 13 percent above five-year averages headed into the busy winter season, despite efforts by OPEC to cut production.

The entity said the world would need 33.06 million barrels per day (bpd) of its crude next year, 230 thousand barrels morer than its previous forecast.

The U.S. bank said oil supply and demand fundamentals meant it expected Brent to average $58 a barrel in 2018.



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