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Crude oil is scaling out of a bear market
CPC raised gasoline prices by NT$0.4 per liter and hiked diesel prices by NT$0.5 per liter this week in the wake of a rebound in crude oil prices.
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The kingdom started to raise its production in June to meet rising seasonal domestic demand, as well as higher export requirements.
The comments made by the energy ministers of Saudi Arabia and Russian Federation since the end of last week increased expectations on a production freeze discussion among producers.
“The market is very vulnerable to news right now”, he said, adding that he was skeptical about OPEC member’s commitment to rejuvenate the market as the 14-member bloc is known to place their own individual market share as a foremost priority, even if it means engaging in a price war.
Crude inventories fell by 2.5 MMbbl in the last week, compared with analysts’ expectations for an increase of 522 Mbbl.
The combined total is the most for that month since JODI started tracking flows in 2002. Before last week’s drawdown, USA crude stockpiles had risen unexpectedly in three previous weeks. “The latest news from Saudi Arabia is not price supportive at all”, Fritsch said. Iran is pushing for an increase in production following the loosening of global sanctions in January.
OPEC members will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on September 26-28.
Brent hit a high of $50.05 a barrel, up 20 cents on the day, before easing back to around $49.70, down 15 cents, by 0850 GMT. “Oil ETFs and managed money also continued to bet on the oil rise recently”, a Hong Kong-based trader said. The current record was established in July – 10.67 million barrels a day. Over the same period, Iran and Iraq have also boosted exports.
Oil prices soared in an nearly identical way in August past year, shooting up over 25 percent within seven days, only then to start a steady, 50 percent descent to more than decade lows by January 2016.
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Crude oil held gains in Asia on Friday with Brent comfortably above $50 a barrel as an output freeze by key producers was said to be gaining traction, though vast global oversupply continues to hang over the market. Production for the period climbed to an average 10.29 million barrels a day from 10.14 million barrels a day.