Global Stock Markets
Oil traded near $57 a barrel for a third day before data expected to
show that surplus crude inventories in the U.S. continued to diminish as
global markets rebalance.
Futures rose 0.5 percent in New York after slipping 0.2 percent on Monday. Inventories probably lost 3 million barrels last week, according to a Bloomberg survey before Energy Information
Administration data Wednesday. Nigerian oil workers suspended strike action and agreed to continue talks next month, while output from a Libyan field returned to normal after a power outage
Oil has rallied the past three months as the Organization of Petroleum Exporting Countries and its allies reduce supply to drain a global glut. The unprecedented cooperation among producers, which has now been extended until the end of 2018, has crude prices on their way to a second annual advance.
West Texas Intermediate for January delivery, which expires Tuesday, added 31 cents to $57.47 a barrel on the New York Mercantile Exchange. Total volume traded was about 46 percent below the 100-day average. The more-active February futures rose 30 cents to $57.52 at 9:41 a.m. in London.
Brent for February settlement rose 19 cents to $63.60 a barrel on the London-based ICE Futures Europe exchange after rising 0.3 percent on Monday. The global benchmark traded at a premium of $6.05 to February WTI.
U.S. crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the nation’s biggest oil-storage hub, probably fell by 2.2 million barrels last week, according to a forecast compiled by Bloomberg. That would be a sixth weekly drop, the longest run since July, according to EIA data.
Oil-market news:
Shale output at major U.S. fields is projected to reach 6.41 million barrels a day next month, according to the EIA’s monthly Drilling Productivity Report. The EIA boosted its December estimate to 6.31 million a day.
Futures rose 0.5 percent in New York after slipping 0.2 percent on Monday. Inventories probably lost 3 million barrels last week, according to a Bloomberg survey before Energy Information
Administration data Wednesday. Nigerian oil workers suspended strike action and agreed to continue talks next month, while output from a Libyan field returned to normal after a power outage
Oil has rallied the past three months as the Organization of Petroleum Exporting Countries and its allies reduce supply to drain a global glut. The unprecedented cooperation among producers, which has now been extended until the end of 2018, has crude prices on their way to a second annual advance.
West Texas Intermediate for January delivery, which expires Tuesday, added 31 cents to $57.47 a barrel on the New York Mercantile Exchange. Total volume traded was about 46 percent below the 100-day average. The more-active February futures rose 30 cents to $57.52 at 9:41 a.m. in London.
Brent for February settlement rose 19 cents to $63.60 a barrel on the London-based ICE Futures Europe exchange after rising 0.3 percent on Monday. The global benchmark traded at a premium of $6.05 to February WTI.
U.S. crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the nation’s biggest oil-storage hub, probably fell by 2.2 million barrels last week, according to a forecast compiled by Bloomberg. That would be a sixth weekly drop, the longest run since July, according to EIA data.
Oil-market news:
Shale output at major U.S. fields is projected to reach 6.41 million barrels a day next month, according to the EIA’s monthly Drilling Productivity Report. The EIA boosted its December estimate to 6.31 million a day.
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