Oil Higher on Weather Related Supply Disruptions

Jul 12 14:07 2019 Print This Article

Oil prices edged higher on Friday and were on track for a weekly gain as U.S. oil producers in the Gulf of Mexico cut more than half their output because of a tropical storm and as tensions continued to simmer in the Middle East.

However, an International Energy Agency (IEA) forecast for a global oil surplus capped the gains. The agency on Friday predicted that surging U.S. oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months.

OPEC also predicted on Thursday the return of a surplus next year despite an OPEC-led pact to restrain supplies.

Brent crude futures were up 36 cents at $66.88 a barrel by 1315 GMT after hitting a session high of $67.29.

U.S. West Texas Intermediate (WTI) crude futures were up 6 cents at $60.26 after touching a high of $60.74.

Read More

About Article Author

Market Pulse

Established in 2006, MarketPulse is a free news site that provides full-time coverage of the world's largest financial markets, focusing on forex, commodities, and global indices research and analysis. Armed with a global team of securities analysts and strategists, Market Pulse provides timely, accurate, and informative research on major macroeconomic trends, technical analysis, and worldwide events that impact different asset classes and investors.

Related Items

Don’t try to Pick Up Pennies in Front of a Steamroller - David Brady (18/10/2019)

October 18, 2019 SHORT-TERM GOLD Starting with my perception of the current Elliott Wave count: I believe we’re in wave ii down of (3) of 3. If this is the case, then what follows is the money wave, wave iii of (3) of 3. We may have already hit the wave ii bottom, where C = A at 1465, and we ...

Tech Talk for Friday October 18th 2019

  European and Emerging Markets move higher Short term breakouts by the Eurozone ETF and the Emerging Markets ETF! Weakness in the U.S. Dollar contributed to their strength   StockTwits released yesterday @EquityClock India ETN $PIN moved above $24.49 extending an intermediate uptrend. Blackro ...

Schedule for Week of October 20, 2019

The key reports this week are September New and Existing Home sales.For manufacturing, the Richmond and Kansas City Fed manufacturing surveys will be released this week.----- Monday, Oct 21st ----- No major economic releases scheduled.----- Tuesday, Oct 22nd ----- 10:00 AM: Existing Home Sales for S ...

Book Bits | 19 October 2019

● How Charts Lie: Getting Smarter about Visual Information By Alberto CairoReview via The Economist His book could not be more timely. Charts and maps pepper traditional and social media more than ever, but there have been few attempts to improve what Mr Cairo calls the “graphicacy” of their ...

A Long Road to a Limited Trade Deal, Canada’s Economy Will Decide Elections, ‘Nobel’ Ways of F

Deep U.S.-China divisions make a ‘phased’ deal our best hope for trade progress. ...

Brexit Optimism Rises Despite Parliament Obstacle

The British pound is near 5-month highs ahead of Saturday’s showdown as the UK parliament is being asked to ratify the deal that PM Johnson and his EU counterparts reached to avoid a hard Brexit on October 31. The odds of Boris Johnson rallying lawmakers to support his deal are not good, but any ...

Mixed Week of News: Gold Goes Up, Gold Goes Down - Nathan McDonald (18/10/2019)

October 18, 2019 This week was an incredibly bumpy ride for precious metals, as they were battered around—one moment spiking higher, then plummeting lower the next. The reason for this volatile week in precious metals (and the markets as a whole) was because a number of key pieces of data were re ...

Alberta is Starting up the World’s Largest CO2 Pipeline

Imagine if crude oil production and use resulted in low, or even no net greenhouse gas emissions?  This is not a Jetson-style idea, it will soon be a reality in Alberta.  This week we hear from Kevin Jabusch, the CEO of Enhance Energy. His company will inject CO2 into an enhanced oil recovery pro ...

Why

@duckwords photo One more sleep to the big vote. But let’s ignore that. Enough is enough. We’ll get the country we deserve. But will we get the blog we deserve? That’s the question. Truth be told, you haven’t impressed me lately. At least the 1% of visitors who leave a comment. Over the la ...

The year of living dangerously

.   By Guest Blogger Doug Rowat Buckle up. Don’t look now, but we’re down to only a little more than one year remaining before the next US presidential election. Three hundred and eighty-one days to be exact (but who’s counting). And we’re likely heading into what will be one of the wil ...