Boom! Weekly US crude oil production hits an all-time high

10 November, 2017, 02:52 | Author: Oscar Goodwin
  • Oil rigs in the US cut to 729

"I have great confidence in King Salman and the Crown Prince of Saudi Arabia, they know exactly what they are doing", Trump said in a series of tweets late on Monday.

-December light, sweet crude on the New York Mercantile Exchange was recently down 0.3% at $57 a barrel in the Globex training session.

The price for Brent crude oil was down 0.42 percent to $63.42 per barrel as of 9:15 a.m. EST.

Traders said a rally that has pushed up Brent by more than 40 percent since July may have run its course.

"On the one hand, it increases the global geopolitical risk level, but it also increases the difficulty of keeping consensus within OPEC".

"There is an exuberance in the market about there being a done deal to extend through the end of 2018 and I think there's likely to be disappointment in that come November 30", Ed Morse of Citigroup told Bloomberg.

"The U.S. shale machine is poised to shift up a gear as producers make hay amid the improving price backdrop", Stephen Brennock, an analyst with London oil broker PVM, said in an emailed market report. He declined to name the countries concerned.

Oil prices steadied just below two-year highs on Thursday, supported by supply cuts by major exporters, but analysts said the market could be vulnerable to a sell-off after several months of gains.

The Saudi-led coalition fighting against the Houthi movement in Yemen said on Monday that it was closing all Yemeni air, sea and land crossings after a missile was sacked towards Riyadh at the weekend.

-After Tuesday's settlement, the American Petroleum Institute's reading of US oil inventories showed a smaller decline last week than is expected from the government's reading on Wednesday.

On Wednesday, the Energy Information Administration (EIA) releases official data. Texas issued 997 oil and gas drilling permits last month, up almost 17 percent from a year earlier.

Other watchers forecast worldwide crude prices to undergo a correction once the United States starts to increase the production of shale gas.

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