Economy

World Crude Oil Consumption to Grow 1.1 Percent by 2020

World Crude Oil Consumption to Grow 1.1 Percent by 2020

Oil prices hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted tensions in the region.

Major oil firms began evacuating and halting production in the Gulf of Mexico ahead of the storm, which is forecast to become a hurricane by the weekend.

Additionally, tensions in the Middle East deepened on reports that three Iranian boats "attempted to impede" a British oil tanker in the Gulf.

Crude oil and copper futures jumped on Wednesday following a more dovish than expected semiannual testimony from the head of the United States central bank before Congress, with the former also boosted by the approach of a tropical storm to the Louisiana coast.

Futures in NY were little changed after settling above US$60 a barrel on Wednesday for the first time since May. A fourth weekly draw in American stockpiles and Federal Reserve Chairman Jerome Powell's signal the central bank is preparing to cut interest rates added to the bullishness. U.S. President Donald Trump vowed Wednesday to impose more sanctions on Iran and accused it of violating the nuclear accord that he withdrew from a year ago.

U.S. West Texas Intermediate crude futures were at $60.76 a barrel, having earlier touched their highest since May 23 at $60.94. The contract closed on the ideal stage since Might 22 on Wednesday.

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According to the report, the higher non-OPEC production forecast is based to the debottlenecking of oil infrastructure in North America and new project ramp ups in Brazil, Norway and Australia.

Brent crude futures reversed early losses and were up 36 cents, or 0.5%, at $67.37 a barrel by 0643 GMT. It climbed 4.4% to $67.01 on Wednesday, the highest close since May 29. The worldwide benchmark indecent traded at a US$6.47 premium to WTI for the identical month.

At last count, it had already cut 32% of the oil production in the Gulf and 18% of natural gas output.

USA crude stocks fell 9.5 million barrels in the week to July 5, shrinking more than triple the 3.1 million-barrel draw analysts had expected as refineries ramped up output, the Energy Information Administration (EIA) said. That compared with the median estimate in a Bloomberg survey for a 2.9 million barrel decline.

Five boats believed to belong to Iranian Revolutionary Guards approached a British oil tanker on Wednesday and asked it to stop in Iranian waters close by, but withdrew after a British warship warned them over radio, a US defence official said on Thursday.


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