Crude soars, but 2018 outlook hints at ample supply

Crude soars, but 2018 outlook hints at ample supply

On Monday, crude rallied amid an everlasting North Sea pipeline outage as well as indications that booming American crude output surge might be slowing. However, the 2018 outlook hints at ample supply notwithstanding output cuts by OPEC.

American West Texas Intermediate crude futures hit $57.66 a barrel, gaining 0.6% from their previous settlement.

As for Brent crude futures, they reached $63.59 a barrel, ascending 0.6% from their previous close.

Market participants told that a bit higher prices emerged on the back of the North Sea Forties pipeline system outage that provides crude, backing the Brent benchmark and also indicators that American crude output surge might be slowing.

North Sea operator Ineos told about  force majeure on all crude and gas shipments via its Forties pipeline system the previous week after cracks were discovered.

In America, by December 15 energy companies reduced rigs drilling for fresh output to 747 for the first time for six weeks.  

Similar

Popular

Greenback descends versus yen

On Thursday, the evergreen buck was just a touch lower versus the Japanese yen after reaching an eight-week peak overnight…

Gold is at 5-month minimums on stronger greenback

On Friday, gold dived to five-month minimums because optimism as for the US tax reform overhaul kept underpinning demand for the US dollar ahead of the highly-anticipated American nonfarm payrolls report to be released a bit later in the day…

Gold descends on profit-taking in Asia

On Monday, gold sank on profit-taking in Asia because market participants are closely watching the evergreen buck for potential further dives closely connected with a more gentle than anticipated rate lift path by the key US bank in 2018 after gloomy…

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera