Oil near 2015 highs on strong China data

Oil near 2015 highs on strong China data

This week, WTI broke above $60 a barrel for the first time since June 2015, while Brent breached $67 for the first time since May 2015.

Oil prices rose on Wednesday, with US light crude hitting highs not seen since June 2015 after disruptions to a major pipeline dented Canadian deliveries to the United States, where crude inventories were also reported to be falling.

US West Texas Intermediate (WTI) crude futures slipped 13 cents to $59.51 a barrel this evening, a day after briefly touching $60 a barrel. Brent crude futures-the global benchmark-were also up, rising 45 cents or 0.7% to $66.61 a barrel, CNBC reported.

While some producers have no choice but to take whatever price the market has set for their products, others have found various ways of becoming less beholden to the price fluctuations of a single grade of crude oil. Since the start of the year, Brent and WTI have risen by 17 and 12%, respectively, although the price rises from mid-2017 are much stronger, at almost 50%. In the meantime, Brent crude oil price dwindled by six cents standing at 64.04 dollars per barrel.

Inventories are now down by nearly 20% from their historic highs last March and well below this time previous year or in 2015.

Winter weather advisory extended
Arctic air stays in place all next week, with subzero wind chills every morning. Total ice accumulation expected is only a light glaze.

In the most recent week, United States production dipped modestly to 9.75 million bpd from 9.79 mln bpd the previous week.

Oil continued its revival from the biggest crash in a generation, with prices set for a second annual gain after a year marked by hurricanes, Middle East conflict and the tussle between Opec (Organization of Petroleum Exporting Countries) and U.S. shale, said a report.

Countering those cutbacks, U.S. oil production has soared more than 16% since mid-2016 and is approaching 10 million bpd, trailing only OPEC kingpin Saudi Arabia and Russian Federation. The cuts started last January and are scheduled to cover all of 2018.

Prices also continue to be helped by pipeline outages in Libya and the North Sea, although both issues could be resolved early next year.

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