Published: Fri, April 14, 2017
Business | By Cristina Jennings

Oil demand growth seen slowing for a second year

Oil demand growth seen slowing for a second year

At 4:58pm EST, WTI was trading up 0.6% on the day at $53.40, and Brent Crude was trading up.46% at $56.24.

On Tuesday, Bloomberg quoted a person familiar with the kingdom's internal discussions that the Saudis are likely to back extending the curbs to end a three-year oil glut.

Several factors still offered support to oil prices. Although oil production cuts were held as early as the first week of January until February were compliance from participating countries hit 90%, increasing U.S. Oil Stockpiles pared those gains sending oil prices to slump as the markets have grown concerned on the U.S. role in the global oil market.

A Reuters poll of analysts forecast a rise in USA crude inventories for a fourth straight week.

The agency said non-OPEC signatories, including Russian Federation and Oman, raised their compliance rate to 64 percent, from 38 percent in February. "It has been going on for a long time", said Ric Spooner, chief market analyst at CMC Markets in Sydney.

Benchmark Brent crude futures were down 22 cents at $55.64 a barrel as of 11:54 a.m. EDT (1554 GMT), after touching a one-month high on Wednesday.

Benchmark Brent crude futures were down 1 U.S. cent at US$55.85 a barrel at 0907 GMT. They touched their highest since March 7 at $53.76 barrel in the previous session. The June WTI contract traded at a $2.43 premium to Brent.

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She gets backup in her battles from gruff comrade Batou (Pilou Asbaek) and, during her down time, draws emotional support from Dr. She will stop at nothing to recover her past, find out who did this to her and stop them before they do it to others.

Supply and demand in the oil market are close to matching up, the IEA said today, as landmark OPEC-led production cuts are mitigated by rising U.S. supply and slipping worldwide demand growth.

In its monthly market report, OPEC said the group's production - based on secondary sources used to assess members' output - dropped 152,700 barrels per day to 31.9m bpd last month, led by declines in Libya, Nigeria, UAE and Iran.

The group is scheduled to gather in Vienna on 25 May.

US crude inventories hit a record 535.5 million barrels this month.

The strategy seems to have worked, and oil prices have stabilized around $50 a barrel - after dropping dramatically past year to nearly $26 a barrel. "It looks like today's data will confirm last night's API". United States output already reached 9 million bpd last month after hitting a trough last September of 8.6 million bpd, spurred on by higher oil prices.

In the past couple of days, geopolitical tensions have been great for oil prices, but crude's surge might be abating.

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