Please try another search
Investing.com - Oil prices rose on Thursday as the International Energy Agency forecast that the market would rebalance faster than it originally thought.
New York-traded West Texas Intermediate crude futures gained 19 cents, or 0.37%, at $51.34 a barrel by 10:45 AM ET (15:45 GMT).
Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded up 16 cents, or 0.27%, to $60.31.
In its monthly report, the IEA left its 2019 forecast for global demand unchanged at 1.4 million barrels per day (bpd), but now expects a deficit in supply to occur in the second quarter of next year. Back in November it had forecast a surplus for all of 2019.
The IEA emphasized that its calculations assumed that OPEC and allies led by Russia would follow through on their agreement to cut output by 1.2 million bpd starting in January.
“Time will tell how effective the new production agreement will be in rebalancing the oil market,” the IEA admitted.
The report did highlight however that U.S. shale's influence over global crude markets would only get stronger.
"While the U.S. was not present in Vienna, nobody could ignore its growing influence," the IEA said.
Markets found some relief on Wednesday when the Energy Information Administration reported that U.S. oil production had fallen from a record high of 11.7 million barrels per day to 11.6 million.
In other energy trading, gasoline futures rose 1.08% to $1.4384 a gallon by 10:49 AM ET (15:49 GMT), while heating oil dropped 0.17% to $1.8477 a gallon.
Lastly, natural gas futures traded up 2.56% to $4.242 per million British thermal units.
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.
I feel that this comment is:
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.