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14 October 2017, 01:14 | Gordon Grant
Draw In crude inventories lifts oil prices
Oil prices on Friday closed at their highest level in October on bullish news from strong Chinese oil imports, U.S. President Donald Trump's decision not to certify that Iran is complying with a nuclear agreement and other tensions in the Middle East.
Oil prices edged up yesterday, rising for a third day, on signs that markets are gradually tightening after years of oversupply, although the outlook for 2018 remained less certain.
West Texas Intermediate for November delivery added 85 cents to settle at $51.45 a barrel on the New York Mercantile Exchange. For the week, Brent was up nearly 3 percent and US was up over 4 percent.
China's overseas crude purchases averaged about 9.04 million barrels a day in September, up 13 percent from the previous month, according to Bloomberg calculations using General Administration of Customs data released Friday. "Positive revisions were primarily a result of higher-than-expected oil demand from the OECD region and China", the report says, referencing the Organization for Economic Cooperation and Development (OECD), the Paris-based multilateral institution comprising some of the world's biggest economies.
RCMA Group Energy managing director David Maher said: "OPEC doesn't really have a choice but to extend cuts unless they're happy to risk sub-$40 per barrel prices again".
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"Our forecast of global demand growth remains unchanged at 1.6 million barrels per day in 2017, or 1.6 percent, and 1.4 million barrels per day in 2018, or 1.4 percent", said the report. Instead, he gave the U.S. Congress 60 days to decide whether to reimpose sanctions.
President Donald Trump is expected to reveal in a speech Friday afternoon whether he will certify a 2015 worldwide agreement with Iran to curb the Islamic Republic's nuclear program in exchange for economic sanctions relief.
Meanwhile, traders also focused on oil inventory data. At least 6,000 Kurdish fighters have been deployed in the oil-rich Kirkuk province following "threats" of attack from Iraqi forces, media network Rudaw reported.
OPEC with other key oil-producing nations pledged to reduce production by 1.8 million barrels from the beginning of this year.
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