Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Cyber Monday Deal: Up to 55% off CLAIM SALE
Crude Oil Prices - Weekly Outlook: October 15 - 19
Published Oct 14, 2018 05:52AM ET
© Reuters. Oil prices post first weekly loss in five weeks
Investing.com - Market players are likely to stay focused on global crude supplies in the upcoming week, after a pair of closely watched forecasters said world oil stocks are adequate and the outlook for demand is weakening.
The monthly report by the International Energy Agency (IEA) on Friday said the market looked "adequately supplied for now" and trimmed its forecasts for world demand growth this year and next.
"This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data," said the IEA, which advises industrialized countries on energy policy.
The IEA report is the latest government assessment to predict weaker demand ahead and conclude that supply is adequate. The Organization of the Petroleum Exporting Countries (OPEC) made a similar assessment on Thursday.
November West Texas Intermediate crude rose 37 cents, or 0.5%, to settle at $71.34 a barrel on the New York Mercantile Exchange by close of trade Friday. It suffered a weekly loss about 4%.
The global benchmark, Brent crude for December delivery on the ICE Futures Europe exchange, added 17 cents, or 0.2%, to close at $80.43 a barrel after briefly dipping as low as $79.23, the lowest since Sept. 24. It posted a drop of roughly 4.4% for the week.
Both benchmarks, which registered their first weekly declines in five weeks, shed some 3% Thursday, tracking a sharp selloff across global stock markets.
Looking ahead, market players will focus on fresh weekly data on U.S. commercial crude inventories to weigh what the impact of Hurricane Michael was on supply and demand.
Ahead of the coming week, Investing.com has compiled a list of the main events likely to affect the oil market.
Tuesday, October 16
The American Petroleum Institute is to publish its weekly update on U.S. oil supplies.
Wednesday, October 17
The U.S. Energy Information Administration will release its weekly report on oil stockpiles.
Friday, October 19
Baker Hughes will release weekly data on the U.S. oil rig count.
Related Articles
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
Add a Comment
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.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.