Oil prices climb as Citi raises forecast, OPEC targets 100% compliance
22 February, 2017, 00:48 | Author: Archie Newman
Oil rose almost $1 to $54.35 a barrel on Tuesday morning after OPEC reiterated its agreement to further production cuts.
OPEC will decide on extending its recently enacted production cuts based on how far global inventories fall, the group's secretary-general said at a conference in London. Barkindo said the nation has pledged to keep cutting. He stressed the need for these cuts being implemented considering how high level of oil stockpiles continued to weigh on the market. "WTI crude exploded into gains on Tuesday as prices broke above the stubborn $54 resistance". With a $1.57 reduction, light crude of Iran was sold at $51.44 in Asian and European markets.
The US oil and gasoline stocks also increased amidst declining refineries output and gasoline demand. Meanwhile, hedge funds raised net-long positions on West Texas Intermediate to a record, according to Commodity Futures Trading Commission data.
OPEC's Barkindo "dangling the idea that there might be an extension of the cuts" is helping to support prices, he said.
The oil price is most likely to be capped until more information is released on the probability of extension of production cuts, said a trader.
According to new data from the InterContinental Exchange (ICE) showed on Monday that speculators raised their bets on a rally in Brent oil prices to a record last week.
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Regular data on USA energy market conditions are delayed this week because of the federal holiday Monday.
USA crude oil and gasoline inventories soared to record highs last week as refineries cut output and gasoline demand softened.
Earlier this month the International Energy Agency reported a record compliance rate on the Organization of the Petroleum Exporting Countries output deal, as 90% of the crude that the cartel agreed to cut was removed from the market.
Brent crude prices have climbed about 20 pe rcent since the end of November. To start with, OPEC excluded two of its biggest producers, Nigeria and Libya from the production cuts and it allowed Iran to raise its output slightly.
For this reason, Francisco Blanch says he expects limited OPEC oil output growth over the next 5 years.
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