World oil prices on the rise

WTI Crude Oil

Daily February WTI Crude Oil

United States crude oil inventories declined by 4.6 MMbbls (million barrels) to 431.8 MMbbls from December 15 to 22, 2017, per the EIA.

Washington lifted a ban on petroleum exports in December 2015.

Barrel is the unit of measurement of oil volume. Following the huge additions now confirmed for October, we expect EIA could raise December data by up to 300,000 bpd.

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Both pipelines are expected to return to normal operations over the new year or in early January. Continental Resources, a major producer of shale gas and oil, sold Chinese buyers 33,500 barrels a day in November. Traders showed limited response to yesterday's U.S. Energy Information Administration's (EIA) weekly inventories report.

Crude prices ended 2017 with a bang on Friday, with West Texas Intermediate closing above $60 for the first time in over two years, and Brent said to be supported by strong demand from China.

US oil prices hit their highest levels since mid-2015 on the last trading day of the year as an unexpected fall in American production, as well as a fall in commercial crude inventories, stoked buying. One barrel equals to 159.98 liter.

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Crude oil were lower on Friday as expectations OPEC and other producers will extend their production cut agreement were offset by forecasts US output will continue to grow with prices holding near 28-month highs.

Heavy crude oil price in the same period increased by 52 cents and surged to $61.01 per barrel.

In the North Sea, the 450,000 bpd capacity Forties pipeline system was shut this month after a crack was found. But several factors could work to keep American oil relatively cheap. It ranks first in oil futures trade. America's growing presence as an oil exporter could even become a source of tension with Middle Eastern countries and Russian Federation. "Asian and European refineries are taking steps to be able to handle US shale oil", according to a Japanese source in the energy sector.

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