Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crude Oil Prices - Weekly Outlook: November 6 - 10

CommoditiesNov 05, 2017 06:04AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Oil marks another 2-year high, up a 4th-straight week

Investing.com - Oil prices extended their recent rally on Friday to reach the highest level in more than two years amid expectations that major global producers will extend a deal to curb production beyond its current expiry date next March.

Prices received another boost as a sizable weekly drop in active U.S. oil rigs fed expectations for a slowdown in domestic crude output growth.

Oilfield services firm Baker Hughes reported that the number of active U.S. rigs drilling for oil fell by eight to 729 last week. That was the fourth weekly decline in five.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for domestic oil production.

U.S. West Texas Intermediate (WTI) crude futures surged $1.10, or around 2%, to end at $55.64 a barrel by close of trade. It reached its best level since July 2015 at $55.76 earlier in the session.

It ended around 3.2% higher for the week, up a fourth-straight week.

Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., jumped $1.45, or roughly 2.4%, to settle at $62.07 a barrel. It touched an intraday peak of $62.23, a level not seen since July 2015.

The global benchmark ended the week with an increase of approximately 2.7%, the fourth-straight weekly gain.

Oil prices extended a rally which began in early October, largely driven by hopes that oil producing countries will agree to extend an output cut at their meeting at the end of this month.

Under the original terms of the deal, OPEC and 10 other non-OPEC countries led by Russia agreed to cut production by 1.8 million barrels a day (bpd) for six months. The agreement was extended in May of this year for a period of nine more months until March 2018 in a bid to reduce global oil inventories and support oil prices.

Discussions are continuing in the run-up to the Nov. 30 meeting, which oil ministers from OPEC and the participating non-OPEC countries will attend.

In other energy trading Friday, gasoline futures advanced 2.3 cents, or 1.3%, to end at $1.793 on Friday. It closed up around 1.4% for the week.

Heating oil rose 3.2 cents, or 1.7%, at $1.886 a gallon, ending roughly 1% higher for the week.

Natural gas futures spiked 4.9 cents, or almost 1.7%, to settle at $2.984 per million British thermal units. It traded around 0.7% higher for the week.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Tuesday, November 7

The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Wednesday, November 8

The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.

Thursday, November 9

The U.S. government is set to produce a weekly report on natural gas supplies in storage.

Friday, November 10

Baker Hughes will release weekly data on the U.S. oil rig count.

Crude Oil Prices - Weekly Outlook: November 6 - 10
 

Related Articles

Oil rises as U.S. storm aftermath squeezes supply
Oil rises as U.S. storm aftermath squeezes supply By Reuters - Sep 21, 2021

By Ahmad Ghaddar LONDON (Reuters) - Oil prices rose on Tuesday, after sharp losses the previous session, amid tighter U.S. supplies, ending days of losses as global markets remain...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email