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What’s next? – OIL 16.08.17

16 August 2017 02:26 PM BDT
What’s next? – OIL 16.08.17

Oil prices moved higher on Wednesday as market players were cheered by an upbeat industry report on crude stockpiles, while looking ahead of official data later in the day.

 

The American Petroleum Institute (API) reported a 9.16 million barrels drop for the week ended August 11, compared to expectations for a 3.1 million barrels reduction. This report marked an eleventh consecutive weekly decline in reserves.

 

However, gasoline supplies did not count with the same luck, adding 301,000 barrels against a forecasted decline of 1.1 million barrels last week.

 

Ahead in the session, the US Energy Information Administration will release at 14:00 GMT its weekly report on crude and refined products inventories.

 

The US West Texas Intermediate crude futures traded 0.36 percent higher at $47.72 per barrel as of 07:00 GMT, while the London based Brent contracts on the ICE Futures Exchange in London were up 0.41 percent to $51.01 a barrel.

 

Market participants are still worried about the future of OPEC’s agreement to cut its production by 1.8 million barrels per day until March 2018. While the deal is still active, compliance seems to be weaker than expected, while US shale oil production rose 12 percent since mid 2016.

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