Forecast predicts two years of record U.S. oil production
10 January, 2018, 00:31 | Author: Samuel Sharp
U.S. West Texas Intermediate (WTI) crude futures ended Friday's session down 57 cents, or almost 1%, at $61.44 a barrel, falling from the $62.21 high reached the previous day, and last seen in May 2015.
Brent for March settlement climbed 16 cents to end the session at $67.78 a barrel on the London-based ICE Futures Europe exchange.
Analysts say USA output may have levelled off over the holidays. Iran is OPEC's third-largest producer.
"This is a little more confirmation of what speculators have been looking for and after tomorrow's (U.S. government inventory) report, we'll see if they look to do some profit taking".
According to Iran's oil ministry news service Shana, Bijan Namdar Zanganeh said "members of the Organization of the Petroleum Exporting Countries (OPEC) are not keen on increased Brent Crude prices to above 60 dollars per barrels because of shale oil".
Oil prices closed at fresh three-year highs Tuesday, as geopolitical risk and confidence in global growth continued to buoy markets.
Forecast predicts two years of record U.S. oil production
This week's supply reports from the American Petroleum Institute and the USA government's Energy Information Administration are predicted to reveal that us crude stocks dropped by 4.1 million barrels, an eighth week of decline. "We expect to see growth near 2 million barrels per day in 2018 and 1.3 million barrels per day in 2019".
Crude oil futures continued to surge Tuesday on expectations the global oil market will soon re-balance.
"The U.S. oil price is now into a range that is anticipated to attract increased shale oil production", said Ric Spooner, chief market analyst at CMC Markets in Sydney.
The rise in prices is expected to drive gains in US production during 2018, offsetting curbs by others. Only Russia and Saudi Arabia produce more.
USA crude production was forecast to climb by 970,000 barrels per day (bpd) in 2018 and rise another 580,000 bpd to 10.85 million bpd in 2019, the EIA said in a monthly report that provided the agency's first outlook for next year.
Oil prices firmed on Monday after a dip in the number of United States rigs drilling for new production, with crude holding just below the highs of almost three years reached last week. "But for now, the bullish trend remains intact as prices remain above key supports".
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