Stored US crude climbs for eighth straight week

Stored US crude climbs for eighth straight week

As a result of e-commerce in London and NY stock exchanges, the oil prices are rising, Gazeta.ru reports.

Now, with the oil cartel stepping into stabilize prices, crude oil may have room to run.

The bad news continues with Libya and Nigeria, both exempt from the OPEC agreement, which contributed to a combined 50,000 bpd growth in February. However, government efforts to appease the militants seem to be working, and earlier this week, an official from the Nigerian National Petroleum Corporation said that the country's daily output has risen to 2.1 million barrels of crude.

Away from the oil market, precious metals continued to register massive slides as the dollar remained strong, with gold sliding below $1,235 an ounce from $1,250-levels earlier in the week.

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However, a surge in United States crude imports since the start of this year has pushed U.S. stocks to near record highs, highlighting the challenge OPEC faces in accelerating the reduction in global inventories.

Despite the increased activity, however, production is expected to recover relatively slowly.

Iraq announced in February that it has increased its estimated crude oil reserves by 7% to 153 billion barrels. Exports increased to 3.93 million barrels a day in the first 15 days of the month, 122,000 barrels a day more than the average for all of January. "We hit a year ago, just about the all-time highs and storage in the USA and globally - 512 million barrels in the USA, 3.1 billion barrels globally - and we've come off of that but only about 5% with the seasonal adjustment in there, so it's really not all that impressive".

Since the end of 2016, OPEC has switched tack and has been willing to sacrifice market share to push prices up. Although in the short-term the flood of crude from floating storage will add to supplies coming into Asia, in the longer-term, however, clearing oil out of floating inventories like tankers is part of OPEC's goal to rebalance markets. Over the last decade, McCracken has published a wide variety of analysis on oil, natural gas, coal and power markets.