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vegassports-odds.com October 17, 2017


Oil prices sink after International Energy Agency's outlook

13 October 2017, 09:40 | Melvin Schneider

Oil prices are expected to remain steady as the market rebalances in 2018

Angola falls back from leading oil production in Africa

Elsewhere, for December delivery on the ICE Futures Exchange in London was down 22 cents or about 0.39% at $56.72 a barrel.

Oil futures recovered in Asian trade Friday, after an overnight pullback that ignored a larger-than-expected fall in US oil inventories.

Crude inventories fell by 2.7 million barrels in the week to October 6, compared with analysts' expectations for a decrease of 2 million barrels.

The monthly OPEC oil market report noted that, based on secondary sources, Angola produced 1.641 million barrels in September, a monthly drop of 2,900 barrels, while Nigeria increased production by 50,800 barrels to 1.855 million barrels.

Elsewhere, were up 0.18% at $1.610 a gallon, while advanced 0.73% to $2.910 per million British thermal units. S. inventories and a falloff in weekly production on Thursday.

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Traders are saying the one of the IEA report was bearish because it suggested that demand for OPEC crude next year would not be sufficient to absorb all the available supplies.

"This means OPEC must deepen its production cuts to finish its job of bringing oil stocks back to the five-year average", Fritsch said.

The entity said the world would need 33.06 million barrels per day (bpd) of its crude next year, 230 thousand barrels morer than its previous forecast.

"Taking 2018 as a whole, oil demand and non-Opec production will grow by roughly the same volume and it is this current outlook that might act as the ceiling for aspirations of higher oil prices", the agency said.



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