Oil rallies almost 2 percent on China import boost, US-Iran tensions

Judith Bessette
Outubro 15, 2017

The West Texas Intermediate for November delivery decreased 0.70 USA dollar to settle at 50.60 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 0.69 dollar to close at 56.25 dollars a barrel on the London ICE Futures Exchange. Brent rose 2 percent the previous day. It reported that global crude oil supplies rose by 90,000 bpd (barrels per day) to 97.5 MMbpd (million barrels per day) in September 2017 compared to August 2017.

According to energy services firm Baker Hughes, drillers cut five oil rigs in the week to October 13, bringing the total count up to 743, the lowest since early June.

Global supply and demand for crude oil will be largely balanced next year, as growth in consumption helps erode a three-year-old overhang of unused fuel and should mostly offset a steep rise in output, the International Energy Agency said on Thursday.

Imports averaged 8.5 million bpd between January and September.

For the year to date, gas imports were 48.38 million tonnes, up by 22.3 percent, data from the General Administration of Customs showed.

The United States, however, has exported more than 1 million bpd of crude for three straight weeks for the first time and analysts, however, expect exports to remain elevated in coming weeks.

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China's September crude oil imports climbed to the second highest level on record, while natural gas imports rose to almost five per cent, official customs data showed on Friday.

API said crude inventories rose 3.1 million barrels in the week to October 6.

Crude inventories dropped 2.7 million barrels, slightly more than analysts' expectations for a decrease of 2 million barrels. Last week, US refineries ran at 89 percent of operating capacity, up from a low of 77 percent in early September.

High U.S. production is pushing increasing volumes of U.S. crude into world markets, feeding inventories and undermining OPEC's efforts to tighten the market. He said the picture was "not clear because you still have hurricane related news". Kurdish authorities have sent thousands more troops to the oil region of Kirkuk to confront "threats" from Iraq's central government, the vice president of the autonomous Kurdistan region said.

Monroe Energy, a subsidiary of Delta Air Lines Inc (DAL.N), was shutting its 185,000 barrel-per-day Trainer, Pennsylvania, refinery due to a fire on Wednesday, a source familiar with the plant's operations said.

For the week, Brent was up nearly 3 percent and U.S. was up over 4 percent.

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