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13 October 2017, 09:43 | Cesar Cruz
Oil rises on signs of tighter market
Brent also rose 2 percent the previous day.
Prices dropped after the American Petroleum Institute reported on Wednesday that USA crude stocks rose by to 468.5 million barrels last week, disappointing expectations for a drop of 400,000 barrels.
In its monthly report, OPEC points the market could find support this northern Winter due to the low reserves of destilated fuel and previsions of colder temperaturas, fact that would increase the demand for heating purposes.
According to the EIA, crude inventories fell by 2.7 million barrels in the week to October 6 compared with analysts' expectations for a decrease of 2 million barrels. S. inventories and a falloff in weekly production on Thursday.
Meanwhile, the agency forecast that USA oil demand for 2017 is set to grow by 230,000 bpd compared with previous forecast of 350,000 bpd. Analysts in a Wall Street Journal survey had projected a 1.7 million-barrel decline.
The OPEC-led deal helped lift oil from below $30 a barrel early past year.
"There is little doubt that leading producers have re-committed to do whatever it takes to underpin the market", the IEA said in a report on Thursday.
"Our forecast of global demand growth remains unchanged at 1.6 million barrels per day in 2017, or 1.6 percent, and 1.4 million barrels per day in 2018, or 1.4 percent", said the report. From this we can conclude that the outlook for the market over the near-term is likely to be bearish because of the forecast for lower oil demand in 2018.
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