Global Oil Prices Edge Higher on China Data, Slowing US Production Signals

Paterniano Del Favero
Luglio 17, 2017

Futures were little changed in NY, after rising 5.2 per cent last week.

Traders should continue to watch out for two-sided reports like we saw last week, but that traders seemed to shrug off. Traders aren't paying too much attention to the longer-term protections but focusing at this time on USA production and the pace of the rig count additions.

The group's output climbed last month to the highest this year as members exempt from the deal - Nigeria and Libya - pumped more and others slipped in delivering their pledged curbs.

West Texas Intermediate for August delivery was at US$46.66 a barrel on the New York Mercantile Exchange, up 12 cents, at 11:37 a.m.in Seoul. Total volume traded was about 47% above the 100-day average.

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Brent for September settlement added 15 cents, or 0.3%, to US$49.06 a barrel on the London-based ICE Futures Europe exchange. Industrial output, which rose 7.6% from the same period a year ago, paced the GDP gains, while an 11% surge in retail sales underscored the strength of the domestic consumer economy. The global benchmark crude traded at a premium of $2.18 to WTI.

The data followed figures from Houston-based oil services group Baker Hughes Friday which showed USA drillers added two new rigs to their production lines last week, bringing the total to 765, the highest since August 2015. It is the second week of renewed growth after drillers snapped a 23-week stretch of advances at the end of June.

Global oil prices rose to the highest level in almost two weeks after better-than-expected economic data from China boosted demand speculation amid signs that the pace of US production may be slowing. Shale explorers have been the driving force behind a surge in U.S. production, more than doubling the rig count from a low of 316 in May 2016.

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