Saudi Arabia says it will not increase its oil output over the next two to three years unless a more than substantial deficit builds in global oil markets. Traders are bracing for today's supply data to show a build in U.S. stockpiles. WTI Crude is $62.95; Brent is $66.58 this morning.
The U.S. Energy Information Administration says U.S. output will exceed 11 million bpd by late 2018, passing top-producer Russia. U.S. oil exports are increasing, including to the world’s biggest and fastest growing markets in Asia. WTI Crude is $63.75; Brent is $67.42 this morning.
Analysts say demand will be strong enough to see oil in the $60 to $70 range for this year. Hedge funds and money managers upped their bullish wagers on U.S. crude oil for the first time in a month. WTI Crude is $63.47; Brent is $67.12 this morning.
Oil prices rose after government data showed an unexpected drop in crude inventories, as stocks fell by 1.616 million barrels. Today, the market will watch for weekly rig count data from oilfield services company Baker Hughes, a GE company. WTI Crude is $62.71; Brent is $66.33 this morning.
The rising dollar pushed oil prices lower on Thursday. U.S. Energy Information Administration supply data is scheduled to arrive late morning with analysts expecting crude stocks to rise by 2.5 million barrels. WTI Crude is $61.47; Brent is $65.28 this morning.
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