Oil steady after surprising increase in USA crude exports

Oil steady after surprising increase in USA crude exports

In the latest clear sign that oil markets continue to be excessively volatile, at the time of writing Brent had slipped to US$55.89 a barrel, from last week's high of nearly US$60, and West Texas Intermediate was trading at US$50.41 a barrel, down from a high of above US$55. Yet a growing minority - notably oil trading giant Trafigura Group - believe the paradox will be resolved next year as US shale proves it isn't an immovable object that can continue capping prices.

The price of barrel of oil reached highest level since July 2015, following a non-Muslim referendum on Monday, OPEC meeting and Iraqi Kurdish Regional administration (IKBY) after 59.18 billion.

The ratings agency said it continues to expect USA production growth to remain robust in the second half of 2017 based on the roughly two- to four-month lag between spudding shale wells and production.

Fitch said global inventories of both crude oil and refined products remain well above historical averages. This should help draw down the massive 3 billion barrels of surplus crude oil that now plagues the oil industry. Any significant deviations from expectations in the data may lead to a spike in oil price volatility, although investors are wary of the short-term inconsistency in the data due to the impact of the recent storms in the United States.

Analysts say that a so-called market rebalancing is now well underway, meaning that demand is no longer undershooting available supply. After settling Monday at the lowest level in more than week, it's holding ground between a low of $50.22 and a high of $50.73.

Oil fell more than $1 a barrel to below $56 on Monday as a rise in USA drilling and higher OPEC output put the brakes on a rally that helped prices to register their biggest third-quarter gain in 13 years. The annual average is just under 1 million barrels a day.

GM plans to introduce two more electric vehicles over the next 18 months, and Ford has formed a team to help direct investments toward new electrified vehicles.

Oil refinery storage tanks and petrochemical refineries stand in this aerial photograph taken above Texas City, Texas, U.S., on Wednesday, Aug. 30, 2017. Crude stocks are also down, oil supply fell in August, and demand has picked up. Yes, the massive production scale of the USA oil industry has tempered. Also, Russia and OPEC's production cut agreement is set to expire in March 2018.

With oil above $60, there is a reduced need to "cheat" among producers, but it's lucrative to do it.

For now, the crude oil markets continue higher.

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