Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude oil futures end higher as OPEC report shows big output drop

13-Feb2019

Crude oil futures end higher as OPEC report shows big output drop

Crude oil futures ended higher on Tuesday as the Organization of the Petroleum Exporting Countries (OPEC) said its crude output fell by 797,000 barrels a day in January, month on month, to average 30.81 million barrels a day. De facto OPEC head Saudi Arabia, took on the bulk of output reductions as well as the United Arab Emirates and Kuwait. OPEC also lowered its demand growth forecast for this year by 50,000 barrels a day to 1.24 million barrels a day. However, upside remained capped as the US Energy Information Administration (EIA) lifted its forecasts for US crude production for this year and next and cut its 2020 forecasts for US and global benchmark oil prices. The EIA forecasts 2019 US crude production of 12.41 million barrels a day, up 2.8% from the January forecast. It also raised its 2020 output view by 2.6% to 13.2 million barrels a day. The government agency lifted its 2019 West Texas Intermediate crude price outlook by 1.1% to $54.79 a barrel, but reduced its 2020 view by 4.5% to $58.

Benchmark crude oil futures for March rose 69 cents or 1.3 percent to settle $53.10 a barrel on the New York Mercantile Exchange. April Brent crude gained 91 cents or 1.5 percent to settle at $62.42 a barrel on London's Intercontinental Exchange.


Related News

View all news

Crude oil futures end lower on Monday

Crude oil futures ended lower on Monday as steep declines in the US stock market fed an aversion to so-called riskier assets, which include oil. Meanwhile, the US-China trade dispute escalated as China......

Crude oil futures end marginally lower as trade-war worries limit upside

Crude oil futures ended marginally lower on Friday as escalation in the trade war has put a return in global growth worries, which would translate to softer crude demand. The Trump administration early......

Crude oil futures end lower on Thursday

Crude oil futures ended lower on Thursday as hopes for a US-China trade deal faded. Meanwhile, crude-oil production by OPEC edged up by 30,000 barrels a day in April to 30.26 million barrels a day. However,......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......