Oil slips from $70 as supplies tighten

Evarado Alatorre
Enero 13, 2018

Prices have also been supported by concerns that supply disruptions could stem from rising political tensions in OPEC members Iran and Venezuela.

"We don't look at the price in a day and say we are in a point where we need to do changes".

"Market fundamentals in 2017 are good, but we expect to see another good year of production in 2018", said Suhail Al Mazroui. "There is no need to rush and put assumptions (about) what are we going to do", Mazroui told an industry conference.

The price of oil rose to $70 a barrel on Thursday, its highest level since December 2014, after OPEC ministers re-iterated their stance on limiting the world's oil supplies.

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"There is no panic", OPEC Secretary-General Mohammad Barkindo told reporters in Abu Dhabi when asked about oil prices at the Dollars 70 a barrel level.

Brent also marked a December-2014 high the previous day, at $70.05 a barrel.

Unlike, OPEC and its allies, the U.S. Energy Information Administration (EIA) forecasts oil prices to average $55/bbl in 2018as 'crude oil production from the United States is expected to increase more than in any other country.' However, narrowing U.S. inventories paired with the recent slowdown in field production may keep oil prices afloat especially as the bullish momentum appears to be gathering pace.

U.S. West Texas Intermediate (WTI) crude futures were at $63.34 a barrel at 0755 GMT, down 46 cents, or 0.7 percent, from their last settlement.

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