CRUDE OIL prices rose toward the end of last week and West
Texas Intermediate (WTI) touched the highest since September 23 on Friday.
Expectations are still high that OPEC and its allies will extend the current
production caps at the December 5-6 meeting, though doubts exist that deeper
cuts will be announced. Certainly Russia has dragged its heels when considering
cutting production.
China’s apparent crude oil demand rose 7.3% in October from a year earlier to just above 13 million barrels per day (bpd), according to Bloomberg calculations based on data from China’s Customs General Administration. The number of US oil rigs in production fell for a fifth straight week last week and are now at the lowest since end-March 2017.
China’s apparent crude oil demand rose 7.3% in October from a year earlier to just above 13 million barrels per day (bpd), according to Bloomberg calculations based on data from China’s Customs General Administration. The number of US oil rigs in production fell for a fifth straight week last week and are now at the lowest since end-March 2017.
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