By Sonali Paul MELBOURNE (Reuters) - Oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in U.S. crude inventories, which reinforced OPEC s robust demand outlook, and as the shutdown of the biggest U.S. fuel pipeline headed into a sixth day. U.S. West Texas Intermediate (WTI) crude futures rose 21 cents, or 0.3%, to $65.49 a barrel at 0013 GMT, adding to a 36 cent rise on Tuesday. Brent crude futures climbed 15 cents, or 0.2%, to $68.70 a barrel, adding to a 23 cent gain on Tuesday. Crude oil gained as investors continue to bet on a bright outlook for demand. A weak U.S. dollar also lent support, ANZ Research said in a note.
By David Hodari American oil production is set to drop again this year, with the shale industry s output showing few signs of recovery despite a broader pickup in economic activity, the Organization of the Petroleum Exporting Countries said Tuesday. In its closely watched monthly market report, OPEC cut its forecast for the amount it expects production from its noncartel counterparts to increase in 2021 by 200,000 barrels a day to 700,000. Canada, Norway, Brazil, and China will drive that overall increase, but persistently low capital expenditure and the unexpected winter storm that Texas suffered in February mean U.S. supply is expected to fall by 100,000 barrels a day this year after dropping 800,000 barrels a day last year, the cartel said.
Oil prices climb on demand outlook as market awaits fresh cues theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
For many, when we think of Venezuela and its energy scene, the first thing that comes to mind is likely the headlines surrounding oil and gas power struggles and the apparently uneasy balance of diplomacy and political power that exists with economic sanctions and fossil fuel trade.
A founding member of OPEC (the Organization of the Petroleum Exporting Countries), Venezuela is one of the world’s largest oil producers and sits on more proven oil reserves than Saudi Arabia, for example. And just this year, in March in fact, we have seen widespread headlines surrounding the US sanctions imposed on Venezuela in January and the ongoing impact on both its oil exports and ultimately its economy.
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MELBOURNE, May 12 (Reuters) - Oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in U.S. crude inventories, which reinforced OPEC’s robust demand outlook, and as the shutdown of the biggest U.S. fuel pipeline headed into a sixth day.
U.S. West Texas Intermediate (WTI) crude futures rose 21 cents, or 0.3%, to $65.49 a barrel at 0013 GMT, adding to a 36 cent rise on Tuesday.
Brent crude futures climbed 15 cents, or 0.2%, to $68.70 a barrel, adding to a 23 cent gain on Tuesday.
“Crude oil gained as investors continue to bet on a bright outlook for demand. A weak U.S. dollar also lent support,” ANZ Research said in a note.