Oil To $100 Next Year?

EIA hikes Brent price outlook

On Thursday, it closed down 64 cents, or 1 percent, to settle at $61.15, its lowest close since January 2.

West Texas Intermediate, the US benchmark for the price of oil, was down 0.32 percent to $63.19 per barrel.

New Delhi, Feb 9 Crude oil futures fell by 0.76 per cent to Rs 3,901 per barrel today as speculators cut down their bets amid a weak trend in global markets. Brent for April settlement declined $1.08 to $63.73 on the London-based ICE Futures Europe exchange.

Traders also noted the restart of the Forties pipeline in the North Sea, added to losses in crude prices.

Oil prices fell to their lowest in seven weeks on Thursday (Feb 8) amid fears of rising global supplies after Iran announced plans to increase production and U.S. crude output hit record highs.

The U.S. Energy Information Administration reported total January crude oil production averaged 10.2 million barrels of oil per day, an increase of 100,000 barrels per day from December. US output rose to 10.25 million bpd in the most recent weekly figures, which if confirmed would represent a record.

For its part, OPEC remains concerned about the level of production by USA shale producers and the cartel is urging its US rivals to pare output to support prices. Major indexes rose more than 1 per cent in a drastic swing after starting the session 2 per cent lower from Monday.

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Having patiently waited a year for the oil market to turn, many OPEC members are now feeling confident enough in its recovery to begin touting their output expansion plans, even as they insist they will comply with their quotas under their production cut agreement.

The upward revision to 2018 prices results in higher US crude oil production throughout the forecast. However, another data from API showed a decline of 1.1 million barrels.

The world's oil industry is turning upside down under President Donald Trump's economic leadership, as the United States is now selling its exported oil in the Middle East to the most unlikely oil-rich buyers.

On Wednesday, U.S. crude production rallied to its highest level rising above Saudi Arabia as the second biggest producer in the world. China was the top oil importing country in the world a year ago as it brings more refining capacity online and fills strategic inventories, while domestic oil production continues to decline.

Oil fell for a third day on Tuesday as the USA dollar rose to its highest in more than a week in the wake of a sharp sell-off early this week on Wall Street and other stock markets. The S&P 500 energy sector lost 4.4. percent on Monday, and fell by 8.3 percent over a two-day period.

The concerted production cuts by OPEC and friends have added strength to the market in the past year, but this in turn gave USA producers a green light to restart production.

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