Money Oil Holds Gain Above $46 as Demand Seen Helping Drain Stockpiles

11:45  17 july  2017
11:45  17 july  2017 Source:   bloomberg.com

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Stockpiles seen falling faster in 2H on demand gain , OPEC cuts. U.S. rigs targeting oil last week rose by the fewest since May. Oil held gains above $ 46 a barrel as optimism that demand will help

Oil held gains above a barrel before U.S. government data forecast to show crude stockpiles extended declines, trimming a glut, according to Bloomberg. 14: 46 EU project helps to launch national transport strategy in Ukraine – media.

BC-OIL-MARKET © Heesu Lee BC-OIL-MARKET

(Bloomberg) -- Oil held gains above $46 a barrel as optimism that demand will help shrink supplies outweighed an increase in U.S. rigs drilling for crude.

Futures were little changed in New York, after rising 5.2 percent last week. Stockpiles will drop at a faster pace worldwide this half of the year as demand rises and OPEC members comply better with an output-cut agreement, according to Haitham al-Ghais, Kuwait’s governor to the group. U.S. drillers targeting crude added two last week, the smallest increase since May.

While oil advanced last week, prices in New York are still below $50 a barrel on concerns expanded global supplies will offset output curbs by the Organization of Petroleum Exporting Countries and its allies as part of a deal to help rebalance the market. The group’s output climbed last month to the highest this year as members exempt from the deal -- Nigeria and Libya -- pumped more and others slipped in delivering their pledged curbs.

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(Bloomberg) -- Oil held gains before government data forecast to show U.S. crude stockpiles fell for a fifth week, further reducing an inventory surplus. Total volume traded was about 18 percent above the 100-day average. The contract gained 21 cents to $ 46 .43 on Monday, rising for a second day.

“We are definitely seeing robust demand growth (in China),” said Neil Beveridge, senior oil analyst at Sanford C. Bernstein. Rising demand is helping to drain a global fuel glut but rebalancing of the market is taking longer than anticipated. above -portrait-tablet.

BC-OIL-MARKET © Heesu Lee BC-OIL-MARKET

“There’s an expectation demand will pick up on seasonal factors in the third quarter,” Kim Yumi, a market strategist at Kiwoom Securities Co., said by phone in Seoul. “However, we may see bigger risks on the supply side, especially from rising U.S. production and stockpiles, once seasonal demand wanes in the fourth quarter.”

West Texas Intermediate for August delivery was at $46.66 a barrel on the New York Mercantile Exchange, up 12 cents, at 11:37 a.m. in Seoul. Total volume traded was about 47 percent above the 100-day average. Prices gained $2.31 to $46.54 a barrel last week.

Brent for September settlement added 15 cents, or 0.3 percent, to $49.06 a barrel on the London-based ICE Futures Europe exchange. Prices climbed 4.7 percent last week. The global benchmark crude traded at a premium of $2.18 to WTI.

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— Reuters pic. NEW YORK, July 11 — Oil held gains above US (RM189) a barrel before US government data forecast to show crude stockpiles extended declines, trimming a glut. Prices rose 17 cents to US$ 46 .88 yesterday.

-6.10(-0. 46 %). "We are definitely seeing robust demand growth (in China)," said Neil Beveridge, senior oil analyst at Sanford C. Bernstein. Rising demand is helping to drain a global fuel glut but rebalancing of the market is taking longer than anticipated.

BC-OIL-MARKET © Heesu Lee BC-OIL-MARKET

The number of active oil rigs in the U.S. rose to 765, according to Baker Hughes data reported Friday. It’s the second week of renewed growth after drillers snapped a 23-week stretch of advances at the end of June. Shale explorers have been the driving force behind a surge in U.S. production, more than doubling the rig count from a low of 316 in May 2016.

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