By Srinivas Chowdary Sunkara // petrobazaar // 26-12-17
Crude price trend
Crude oil prices crept up on Tuesday amid a pipeline explosion in Libya. Futures in Newyork edged up for fifth session while Brent prices are lingering near 2015 highs. U.S limited rig numbers to 931 with an additional rig though the count has raised by 278 rigs since last one year.
Prop up oil prices
Brent futures are poised for fourth straight monthly advance backed by the news of output cut by OPEC partners. Brent rose 47% since mid-2017, underpinned by the forties pipeline outage in U.K which is expected to reopen in early January. Increased U.S production is undermining the efforts of OPEC in the long run. Producers expect that the global oil market will start to rebalance in the first quarter of 2018 amid strong demand growth.
WTI and Brent today
U.S crude futures for February delivery rose by 3 cents or 0.513% at $58.77 a barrel while Brent crude futures for February delivery inched up by 35 cents with 0.536% change at $65.6 per barrel. The global benchmark traded at a premium of $6.83 at the time of reporting.