Economy

Oil Futures Settle At 4-month High After Inventory Data

Oil Futures Settle At 4-month High After Inventory Data

Opec on Thursday cut the forecast of global demand for its oil this year as rivals boost production.

According to Reuters, now the Iraqi state oil marketing company is also emboldened to trade the Iraqi crude on its own as the market for sour and heavy crude grades is tightening amid OPEC's cuts and the USA sanctions on Iran and Venezuela.

OPEC sources have said an extension of the supply-cutting pact is the likely scenario.

"U.S. crude oil exports have set annual record highs in each year since 2014", said EIA.

Data released by the Energy Information Administration (EIA) this morning showed that crude oil inventories declined by 3.86 million barrels in the week to March 8, as against forecasts for a 2.6 million increase.

This increase in price was mainly attributed to an announcement from the Energy Information Administration on Wednesday, reporting that US crude supplies fell by around 3.9 million barrels last week.

United States crude oil inventories shrank unexpectedly again last week, alongside another drawdown in product inventories.

More news: Tech Companies Shares Offset Slump in Boeing as Markets Close Higher

They said his deputy, Pavel Sorokin, would represent Russian Federation at the Joint Ministerial Monitoring Committee in the Azeri capital.

Saudi Arabia said that it is planning to cut its crude oil exports in April to below 7 million barrels per day and keep its output well below 10 million barrels per day.

Thamer Ghadhban told reporters that an Opec meeting in Vienna in April would assess member states› compliance with agreed production cuts and whether to extend the curbs until the end of the year.

The price of oil has been steadily increasing over the past couple of months.

Gasoline inventories were down 4.62 million barrels last week, almost twice the expected drop.

Global benchmark Brent crude was trading at $66.94 per barrel at 0708 GMT with a 0.2 percent gain, after it closed Tuesday at $66.81 a barrel. Brent touched $67.39 a barrel on Monday, its highest since February 25. US West Texas Intermediate rough futures were $ 57.89 per barrel, an increase of $ 1.02, or 1.79 percent, compared to the previous settlement price. WTI hit a high of $58.48 a barrel on Wednesday, the highest since November 13.