Breaking News
0

Crude Oil Narrowly Mixed In Asia With Eyes On US Rig Count

ForexDec 14, 2017 10:01PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Crude mixed in Asia

Investing.com - Crude prices were narrowly mixed on Friday with weekly US rig count data ahead expected to set the tone.

On the New York Mercantile Exchange crude futures for January delivery rose 0.18% to $57.14 a barrel, while on London\'s Intercontinental Exchange, Brent slipped 0.11% to $63.34 a barrel.

Overnight, crude oil prices settled higher on Thursday, shrugging off data forecasting a faster than expected rise in US shale oil production next year, while an ongoing pipeline shutdown supported Brent crude prices.

The International Energy Agency (IEA) in its monthly oil market report, published on Thursday, revised upward its projection for US oil production, warning that total supply growth could exceed demand growth in the months ahead.

The IEA raised US crude oil growth to 390,000 barrels per day (bpd) this year and 870,000 bpd for 2018. Non-OPEC output, led by the US, will rise by 630,000 bpd in 2017, followed by an increase of 1.6 million bpd during 2018.

That supports a similar view from OPEC, who said in its monthly report, published on Wednesday, that non-OPEC production would rise faster than expected by 120,000 barrels per day (bpd) to 990,000 bpd in 2018.

Rising non-OPEC output has weighed on the efforts of OPEC as the oil cartel attempts to rid the global market of excess oil supplies. OPEC compliance with the deal to curb output reached its highest this year, rising to 115%.

Sentiment on Brent crude oil prices, meanwhile, remained positive amid the ongoing Forties pipeline shutdown earlier this week. The Forties pipeline carries 40% of North Sea oil and gas, and repairs could take weeks.

Andrew Gardner, chief executive of the Ineos Forties Pipeline System said “We’re estimating just now between two and three weeks,” when asked how long the system was likely to be down.

Crude Oil Narrowly Mixed In Asia With Eyes On US Rig Count
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with 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
  • 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.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. 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