Crude Oil Drifting, Retail Sales in Focus

Oil rises after OPEC's Barkindo says U.S. shale growth may slow in 2020

On a longer time frame, WTI oil "remains frustratingly rangebound between support in the low $50s and resistance in the low $60s and that is likely to continue in the absence of a material trade war or economic catalyst", Richey told MarketWatch.

U.S. crude oil inventories increased during the week ending November 8, the U.S. Energy Information Administration (EIA) said in a report on Thursday.

The inventory numbers were released a day later due to Monday's federal holiday for Veterans Day.

Gasoline inventories rose by almost 1.9 million barrels, versus expectations for a drop of 1.17 million barrels. The American Petroleum Institute on Wednesday reported a decline of 541,000 barrels.

A deal between the OPEC (Organization of the Petroleum Exporting Countries) and allies, equivalent to Russian Federation, is limiting provides until March next year.


The API data said USA crude inventories declined by 541,000 barrels in the week ended November 8, against analysts' expectations of an increase of 1.6 million barrels. Petrol inventories increased by 2.3 million barrels according to the API.

Demand for crude oil from OPEC in 2020 will be 28.9 million bpd, the IEA forecast, 1 million bpd below the exporter club's current production. Analysts expected a build of 7 billion cubic feet, on average, by analysts polled by S&P Global Platts.

Stocks at the Cushing, Oklahoma, delivery hub for US crude futures fell 1.2 million barrels, their first fall after five weeks of builds, the EIA said, after the main artery for Canadian crude imports, the Keystone pipeline, was forced to shut due to an oil spill.

OPEC on Thursday pointed to a smaller surplus in the oil market next year although it still expects demand for its crude to drop as rivals pump more, building a case to maintain supply curbs at a meeting next month.

Related:

Comments

Latest news

Prince Andrew to be quizzed on Epstein in Newsnight special
Prince Andrew has previously denied Roberts' claims, but only in prepared statements released by the palace press office. An accuser of Epstein claims she was forced into a sexual encounter with the duke - an allegation he denies.

Epic Games' Battle Breakers Available Now for Mobile and PC
However, there weren't many changes: it was still serving only to manage Fortnite , as there are no other games available. Epic says that the game was "worked as a purposeful venture by a little group" at the organization.

Jaydev Unadkat Among Players Released By Rajasthan Royals as Team Announces Squad
The Royals have earned a little over Rs 18 crore via releasing 11 players and there is additional Rs 3 crore from the BCCI side. Although pacer Mohammed Siraj put up a dismal show last season, the management has made a decision to give him another chance.

Man City Lose Appeal to CAS over Financial Fair-Play Investigation
The English giants will not be banned for Financial Fair Play violations, according to The Athletic . Reeb said the City appeal had been thrown out because the UEFA case had not run its course.

Lewis Hamilton expects "stressful moment" over new Mercedes F1 deal
Admitting that Austin was "not a good weekend for us", Vettel insisted that "on top of the fact that we have a performing engine, we also have a auto that I think is very efficient".

Other news