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Oil climbed yesterday, as Saudi Arabia reiterated a pledge to help balance the global crude market and geopolitical turmoil threatened global inventories, lifting U.S. prices to their highest finish since mid-April. Saudi oil minister Khalid al-Falih said Saudi Arabia is willing to “do whatever it takes” to bring global crude inventories back to their five-year average.  Source: marketwatch.com - By: Myra P. Saefong & Christopher Alessi - Image: Getty Images
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Oil’s move into a higher trading range is consistent with emerging fundamentals and is shown by U.S. oil drilling slowing, crude stocks falling, and consumption of refined fuels at home and with export markets. WTI Crude is UP at $52.31, and Brent is UP at $57.81 this morning.  Source: Rigzone.com - By Reuters/John Kemp Storage data gathered by satellite suggests China may be consuming more oil than official data indicates. If accurate, this could have a bullish effect on oil fundamentals and also suggests the global supply-demand balance is tighter than estimated. WTI Crude is UP this morning at $52.13, and Brent is UP at $57.77  Source: bloomberg.com - By: Aaron Clark - Image: Andrew Too Boon Tan/Moment Editorial/Getty Images Several OPEC nations, including cartel kingpin Saudi Arabia, have discussed letting the production cut pact run through 2018. The agreement’s extension could be decided at the OPEC meeting in Vienna on Nov. 30. WTI Crude is down slightly at $50.84 with traders taking the week’s profits.  Source: marketwatch.com - By: Sara Sjolin - Image: Getty Images OPEC’s Mohammad Barkindo says there is no doubt the market is re-balancing at an accelerated pace, as evidenced by trading prices sitting near a two-year high. Stability is returning, and there is more light at the end of the tunnel we’ve been traveling down since the market dislocation of 2014.  Source: inveting.com - By: Alex Lawler - Image: Reuters |
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