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MTECHTIPS:-Crude Oil Settles Lower, Concerns Grow Over Uptick in Global Supplies

Friday, November 17, 2017 3:07

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MTECHTIPS:-Crude Oil Settles Lower, Concerns Grow Over Uptick in Global Supplies

MTECHTIPS-Crude oil prices settled lower on Thursday as investors fretted over a potential uptick in global supply amid reports that Turkey and Iraq discussed resuming exports from the Kirkuk-Ceyhan pipeline. On the New York Mercantile Exchange crude futures for December delivery fell by 19 cents to settle at $55.14 a barrel, while on London’s Intercontinental Exchange, Brent lost 52 cents to trade at $61.35 a barrel. A discussion between Iraq and Turkey on resuming Kirkuk oil export from the Chaney pipeline sparked fears of oversupply as many said a possible uptick in exports would forced OPEC to rein in production. “The priority is to resume oil exports from Kirkuk through the Iraqi-Turkish pipeline once it has been rehabilitated or replaced by a new one,” Iraq’s Oil Minister Jabber al-Lugsail said. That added to recent fears that rising U.S. production would dampened the impact of Spec’s production cuts, which so far are widely believed to be moving oil markets closer to re balancing. Preliminary U.S. production figures showed weekly output rose by 25,000 to an all-time high of 9.65 million barrels per day, as crude oil stockpiles rose for second week in arrow, the Energy Information Administration Energy Agency said. Inventories of U.S. crude rose by roughly 1.9 million barrels for the week ended Nov. 11, missing expectations of a draw of 2.2 barrels. Data pointing to rising U.S. output comes ahead of an OPEC meeting on Nov. 30 in Vienna, where it is expected the oil-cartel will extend its output-cut agreement beyond the March 2018 deadline.

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