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Crude Oil Prices Move Lower with US Inventory Data in Focus
13 October 2017, 09:43 | Joann Bryant
Oil rises on signs of tighter market
Elsewhere, for December delivery on the ICE Futures Exchange in London was down 22 cents or about 0.39% at $56.72 a barrel.
At the end of 2016, OPEC and 11 independent producers -Azerbaidzhan, Bahrein, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan- agreed to reduce oil production by 1.8 million barrels per day.
Meanwhile, the agency forecast that US oil demand for 2017 is set to grow by 230,000 bpd compared with previous forecast of 350,000 bpd.
Crude oil inventories fell 2.7 million barrels in the October 6 week to 462.2 million, 2.5 percent below the level a year ago, the Energy Information Administration (EIA) said in its weekly report Thursday. Distillate stocks fell by 1.5 million barrels, short of expectations for a drop of 2.2 million barrels.
A monthly oil report by the International Energy Agency (IEA) predicted global demand will grow by 1.6m barrels per day (bpd) in 2017 and 1.4m bpd in 2018.
Traders are saying the one of the IEA report was bearish because it suggested that demand for OPEC crude next year would not be sufficient to absorb all the available supplies.
High U.S. production is pushing increasing volumes of U.S. crude into world markets, feeding inventories and undermining OPEC's efforts to tighten the market.
Angola's oil output recorded a further drop in September, albeit of just 2,900 barrels per day, but widened the gap in relation to Nigeria, which remains the main oil producer in Africa, the Organisation of Petroleum Exporting Countries (OPEC) said.
"Our updated global supply-demand balance ... shows peak stock draws in 3Q17", Goldman Sachs said in a note to clients.
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