Profile image
Story Views

Last Hour:
Last 24 Hours:

MTECHTIPS:-Oil rises as market could be closer to balance than expected

Tuesday, October 18, 2016 5:08
% of readers think this story is Fact. Add your two cents.

MTECHTIPS:-Oil rises as market could be closer to balance than expected



MTECHTIPS- Oil prices rose early on Tuesday as some analysts said markets might not be quite as oversupplied as suggested by many, with global inventories rising less than expected ahead of the high-demand winter heating season in the northern hemisphere. A drop in the dollar away from seven-month highs the previous day (DXY) also supported crude, as a lower greenback makes fuel purchases cheaper for countries using other currencies domestically. Brent crude (LCOc1) was at $51.91 per barrel at 0655 GMT, up 39 cents, or 0.76 percent from the previous close. U.S. West Texas Intermediate (WTI) crude (CLc1) was up 40 cents, or 0.8 percent, at $50.34 a barrel. Traders said prices were receiving support from the notion that oil markets, which have been dogged by oversupply for two years, may be closer to balance than previously anticipated. Beyond estimating production and consumption, one way to gauge the supply and demand balance is to analyze fuel inventory changes. “Global oil inventories (industry and government) increased by 17 million barrels to 5.618 billion barrels in 3Q16. This is the smallest build since 4 Q 14, confirming that inventory builds are slowing as the market comes back into balance,” Bernstein Energy said in a note on Tuesday.




We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.