Finance

Oil heads for second week of gains as output cut extension expected

Oil heads for second week of gains as output cut extension expected

Brent for July settlement added 5 cents to $50.89/bbl on the London-based ICE Futures Europe exchange.

OPEC will hold a highly anticipated meeting next week, with almost everyone so far predicting that members will agree to extend production cuts at least through the end of this year. Together, they declared they would "do whatever it takes" to achieve the goal of stabilizing the market and bringing global oil inventories back to five-year average levels. US crude oil lost $1.02 to reach a low of $48.05 was last trading 55 cents a barrel lower at $48.52.

United States crude was up 32 cents, or 0.7%, at $49.67 a barrel, after finishing the previous session at $49.35 a barrel, the highest close since 26 April.

Traders also seem to be overlooking the persuasive argument that given huge stockpiles and less-than-stellar global demand, an OPEC extension without deeper cuts will have minimal positive impact. USA producers are not party to any agreements capping production.

A balance sentiment was supported last week by a report from the U.S. Energy Information Administration that domestic crude oil inventories declined by 5.2 million barrels, easing some of the pressure from the glut as it was greater than at the same time previous year.

India announce Champions Trophy squad
After a lot of speculation, BCCI seemed to have changed its decision and has chose to send India to play in the Champions Trophy. Manish Pandey , who is now representing Kolkata Knight Riders, last played for India against New Zealand in October 2016.

That bearish sentiment grew this month, with all three major organizations closely tracked for their oil market data and assessments - the Paris-based International Energy Agency, OPEC and the U.S. Energy Information Administration - jacking up their projections for non-OPEC oil supply growth this year, led by the U.S. Overall production from non-OPEC members, including about a dozen that are party to the multilateral production arrangement, is expected to grow by 600,000 barrels per day this year.

OPEC and other non-OPEC nations - most notably Russian Federation - are now widely expected to extend production cuts for another nine months, through March 2018.

"We believe the industry is more focused on robust activity at stable oil prices, rather than very high oil prices at this juncture, which is not sustainable over the long run", said its analyst Mabel Tan.

Rewinding to 2016, the oil market hit an inflection point in the summer as declining non-OPEC output and strong demand signalled a nascent market rebalancing.


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