Global crude hikes push CPC prices to seven-month high

SINGAPORE Petroleumworld 09 22 2017

The November Brent crude futures contract was up 89 cents at $57.75 a barrel by 1204 GMT, its highest since January 3.

USA shale oil is "absolutely" sustainable at $50 a barrel, said Ryan Krogmeier, Chevron Corp.'s vice president of crude supply and trading.

Oil exchange traded products, including the United States Oil Fund (NYSEArca: USO), which tracks West Texas Intermediate crude oil futures, and the United States Brent Oil Fund (NYSEArca: BNO), which tracks Brent crude oil futures, posted modest gains even amid some Friday disappointment from the Organization of Petroleum Exporting Countries (OPEC).

Goldman Sachs said that talks over extending cuts are "noteworthy but premature", adding "we believe it is unlikely that committee will recommend extension of cuts this week".

Oil prices have risen by 15 percent in the past three months.

Mohamed Salah named in Liverpool squad for Spartak Moscow clash
Sadio Mane is expected to return to Jurgen Klopp's starting lineup after missing the weekend clash with a suspension. The visitors took the lead in the second half with a goal that will make Liverpool's forward salivate.

The U.S. Energy Department said that, as of Sunday afternoon, three refineries in the Gulf Coast region were still shut down and 10 were operating at reduce rates because of Harvey.

Iraq's goal to boost production capacity to 5 million barrels a day won't affect markets and not all new output will be exported, Oil Minister Jabbar Al-Luaibi said in Baghdad. OPEC has also jumped on the opportunity to push prices higher, with the Saudis and Iraqis cutting more supplies recently than initially committed within the cartel.

Oil is trading at an 8 month high after OPEC and non-OPEC partners said in Vienna that the market is on track to rebalance.

Crude inventories rose for a third straight week, building by 4.6 million barrels, about a million more barrels than forecast. Rather than a surge in output, there's a risk of a market squeeze emerging as early as 2018, driven by those nations because of weaker investment in exploration and development, he said.

"A two-week rally from $46 to $51 in Nov WTI and Brent in the mid $50s just stinks of a retracement coming", Scott Shelton, energy broker for ICAP in Durham, North Carolina, wrote in his daily note. All comments are subject to editorial review.

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