Tuesday, 21 August, 2018

Rise in USA oil rigs push Brent oil below $62

Oil falls to 2018 low as US output soars, North Sea supply restarts China to launch rival oil futures market in spring
Elsie Buchanan | 10 February, 2018, 05:26

Oil prices fell for a sixth day on Friday, and were on track for their biggest weekly losses in 10 months, as record-high USA crude output added to concerns about a sharp rise in global supplies. On Thursday, Brent fell 1.1 percent to its lowest close since December 20.

U.S. West Texas Intermediate (WTI) crude was down 62 cents, or 1 percent, at $60.53 a barrel, having settled down 1 percent in the previous session at its lowest close since January 2.

Despite recent forecasts that crude prices are headed for a significant correction because traders have oversold the commodity, at least one notable investor says it will continue to gain value.

Brent futures have lost about 8 percent since reaching a four-year high above $71 in late January.

NYMEX WTI crude futures for March delivery settled at $59.20 on Friday, down $1.95, capping a week of losses for the benchmark that culminated in the largest weekly decline in two years.

BC minimum wage to increase to $15.20 by 2021
Lanzinger said that fear-mongering about how raising the minimum wage will affect businesses doesn't play out in reality. The province will then revisit the wage each year before the June increase to ensure it is keeping on target.


"It has now become painfully clear for beleaguered oil bulls that the early-year rally was not justified", PVM Oil Associates' Stephen Brennock said in a note.

The remarkable comeback of USA crude production earned yet more press on Wednesday with the disclosure from that country's Energy Information Agency that America will export more energy products than it imports by 2022, a status it hasn't achieved since 1953 and wasn't expected to achieve until 2026.

"This will be a tall order as the spectre of fresh USA sanctions looms but nevertheless exacerbated the sell-off", Brennock said.

The U.S.' crude production is projected to reach 11.2 mbpd next year to surpass Russian Federation as the world's biggest crude producer. "This is because US oil production is now rising so sharply that there is a risk of renewed oversupply if OPEC does not voluntarily renounce market share". Money managers own more 1 billion barrels of crude oil through their holdings of US and Brent futures and options.

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