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Crude oil shoots higher, gaining for the week, amid global optimism

Published 03/09/2018, 03:39 PM
Updated 03/09/2018, 03:39 PM
© Reuters.  Crude oil shoots higher, gaining for the week, amid global optimism

© Reuters. Crude oil shoots higher, gaining for the week, amid global optimism

  • Crude oil prices rebounded from yesterday's sharp losses, with U.S. WTI +3.2% to settle at $62.04/bbl and Brent +2.4% to $65.15, amid broad market optimism over strong U.S. jobs data and news of the planned meeting between Pres. Trump and North Korea's Kim Jong Un.
  • “Geopolitical stability defiantly supports” demand for oil, says Naeem Aslam, chief market analyst with ThinkMarkets.
  • Also, Libya’s 70K bbl/day El Feel oilfield remained shut despite the Petroleum Facilities Guard saying it had reached a deal to reopen it.
  • But some analysts maintain a bearish view of crude, including Jim Ritterbusch, president of energy advisory firm Ritterbusch & Associates, who says "record production is coming closer to offsetting this year’s demand that has generally been stronger than expected."
  • The EIA said this week that it expects U.S. crude output to average 10.7M barrels/day in 2018, the highest on record.
  • “The rapid growth of oil production in the U.S. is continuing to generate selling pressure,” Commerzbank (DE:CBKG) analysts say, although the latest Baker Hughes survey shows the number of active U.S. oil drilling rigs fell for the first time in seven weeks.
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