Crude Traders Watching US Dollar

Crude Traders Watching US Dollar

"The OPEC/non-OPEC production and USA tight oil have justifiably been a focus this year". The administration also has unveiled a comprehensive offshore drilling plan that, if implemented, would dramatically drive up US production levels.

Brent for April settlement jumped 72 cents to US$69.61 a barrel on the London-based ICE Futures Europe exchange. Meanwhile, West Texas Intermediate crude prices rose 25 cents to Dollars 66.04, while Brent, used to price worldwide oils, was up 25 cents, at USD 69.90 a barrel at the New York Mercantile Exchange. "New drilling and production techniques have opened up billions of barrels of recoverable USA oil in shale rock formations in the past 10 years, reversing decades of declining output and turning the nation into an exporter". The contract rose 1.7 percent to $65.80 a barrel on Thursday. Energy Department and industry experts expect that record to fall soon; they also expect the United States to overtake Russian Federation and Saudi Arabia as the world's biggest oil producer by the end of next year when USA output is forecast to hit 11 million barrels a day.

In a separate report, non-farm labor productivity slipped 0.1 percent in the fourth quarter, its lowest since first quarter 2016.

Goldman Sachs set a six-month target above US$82 a barrel and JP Morgan was more conservative at US$70 a barrel as an average for 2018. The global benchmark last touched United States dollars 75 in late 2014.

Trump Declines NBC's Invitation for Pre-Super Bowl Interview
Those sources added that the network would still welcome an interview with Trump if he decides differently. The invitation to Trump for Super Bowl LII remains open, according to sources at NBC.

Goldman analysts stated in an emailed report, "The rebalancing of the oil market has likely been achieved, six months sooner than we had expected.the decline in excess inventories was fast-forwarded in late 2017 by stellar demand growth, high OPEC compliance, heavy maintenance as well as collapsing Venezuela production". The bank's bullish outlook is driven by its revised demand forecasts, reflecting stronger economic growth in emerging markets.

The Organization of the Petroleum Exporting Countries has pumped 32.4 million barrels per day (bpd) in January, the survey found, up 100,000 bpd from December.

Stocks for the week to January 26 increased by 6.8 million barrels, or 1.6 percent, to 418.4 million barrels. Meantime, the dollar stopped losing value, re-moving one of the main positive drivers for oil/fuel prices over the past two months.

A new floating production storage and offloading vessel (FPSO) arrived in Nigeria this week, adding 200,000 barrels per day to offshore output capacity.

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