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December 2018
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Friday, 12 October 2018 15:00

Oil jumps more than 1% after two-day fall

Oil jumps more than 1% after two-day fall

Crude prices jumped 1 percent on Friday, rebounding after two days of heavy declines with support from robust Chinese crude imports, but oil was still heading for its first weekly drop in five weeks, Caspian Energy News (www.caspianenergy.net) reports with reference to Reuters.

Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown.

U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.

China’s daily crude oil imports in September hit their highest level since May, customs data showed on Friday.

Elsewhere, U.S. crude inventories climbed by 6 million barrels last week, the Energy Information Administration said, more than double analyst expectations of a 2.6 million-barrel increase.

The Organization of the Petroleum Exporting Countries (OPEC) cut its forecast of global demand growth for oil next year for a third straight month, citing headwinds facing the broader economy from trade disputes and volatile emerging markets.

OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group’s secretary-general said on Thursday.

In the U.S. Gulf of Mexico, producers had cut output by 40 percent on Thursday due to Hurricane Michael, even as some operators began returning crews to offshore platforms.

More details: https://www.reuters.com/article/us-global-oil/oil-prices-rise-but-still-set-for-weekly-fall-amid-equities-rout-idUSKCN1MM02K

Person in charge of the newsline: Olga Nagiyeva 

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