Commodity News
HeadLine : Crude Oil Falls In Asia With IEA Monthly Report, US Rig Count Ahead
Date : Jan 19 2018
Crude oil prices fell in Asia today with fresh supply/demand and production figures on tap later in the day to set the tone. The IEA on Friday will detail its monthly supply and demand estimates. Baker Hughes reports US rig count data with last week at 752. Overnight, crude oil prices pared gains heading into settlement as traders weighed a sharp rebound in production against a fall in crude supplies for the ninth week in a row while an unexpected fall in product inventories failed to lift sentiment. OPEC raised its forecast for oil supply from outside of the cartel in 2018 by 1.15 million barrels per day (bpd) this year, up from 990,000 bpd expected previously, noting higher prices are attracting more exploration and production.

OPEC also said inventories in developed economies declined by 16.6 million barrels in November to 2.933 billion barrels, 133 million above the five-year average. The oil market could move into a deficit of about 670,000 bpd in 2018, according to the report, slightly narrower than 700,000 bpd in last month's report.OPEC also cut its estimate of global demand for its crude in 2018 by 60,000 bpd to 33.09 million bpd. Elsewhere, OPEC's crude exports have risen sharply in the first two weeks of 2018 on rising supplies from Iraq and Nigeria.

Source: Investing.com
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