[ad_1]
© Reuters.
Investing.com – Oil traders will continue to focus on global crude supply prospects over the coming week, as OPEC's production cuts have helped tighten an oversupplied market .
The OPEC, which, alongside unaffiliated producers like Russia, referred to as "OPEC +", decided last year to cut production by 1.2 million barrels per day (bpd) in order to eliminate overabundance and to support prices.
Speaking on the sidelines of OPEC and the non-OPEC ministerial monitoring committee meeting Sunday in Baku, Azerbaijan, the Saudi energy minister said he was optimistic about the situation. 39, sustained commitment to the agreement to reduce oil supply between OPEC and non-members.
"I am obviously optimistic about the implementation of our OPEC + agreement, it is already solid by historical standards," said.
OPEC + Ministers will meet on 17 and 18 April to discuss production policy.
New data on inventories and US commercial crude production activity will also attract market attention this week.
The Energy Information Administration (EIA) announced an unexpected drop in US crude oil supply for the week ended March 8th. The EIA also announced that total domestic crude oil production has dropped from 100,000 barrels to 12 million barrels per day.
Oil futures have stabilized as prices in the United States retreat from a four-month high under the concern of the economy.
The United States lost 9 cents to settle at 58.52 dollars a barrel at the close of markets. Previously, it reached $ 58.95, the highest since November 13.
For the week, the US benchmark climbed 4.3%, its best weekly gain in about a month.
At the same time, international futures ended Friday's session, down 7 cents to 67.16 dollars a barrel.
Brent prices, which had reached their highest level since the beginning of the year at $ 68.14, recorded a gain of about 2.1% over the week.
Two weeks before the end of the first quarter, WTI is up 29% and Brent 25%, both benchmarks largely benefiting from aggressive production cuts made by OPEC since early January. However, the increase in US production threatens to cancel these cuts.
Data released Friday by energy services firm Baker Hughes showed that the number of active rigs for oil in the United States had declined for the fourth week in a row, although it did not change. has been reduced only from one to.
"The market is still split between economic concerns and high oil production in the United States and remarkable compliance with OPEC +," said Stephen Brennock, PVM's oil broker.
Investing.com has listed some of the main events that could affect the oil market.
Monday, March 18th
The EIS will release its forecast for shale oil production in the United States in April.
Tuesday March 19th
The American Petroleum Institute (API) will release its weekly update on US oil reserves.
Wednesday March 20th
EIA will publish its weekly report on oil stocks.
Friday 22 March
Baker Hughes will publish weekly data on the number of US oil rigs.
– Reuters contributed to this report
Fusion Media or anyone involved in Fusion Media will not accept any liability for loss or damage arising from the use of information, including data, quotes, charts and buy / sell signals contained in this website. Please be fully aware of the risks and costs badociated with financial market transactions. This is one of the most risky forms of investing possible.
[ad_2]
Source link
