CRUDE OIL PRICE HIT $67.02 PER BARREL - CALIPHATE MEDIA

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Wednesday, 27 December 2017

CRUDE OIL PRICE HIT $67.02 PER BARREL



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NEW YORK, Dec 27 (Caliphatemedia) - The price of crude Oil I the international market has surged to $67.02 a barrel, up by $1.77, or 2.71 percent. The price jump was triggered by news of an explosion on a Libyan crude pipeline as well as voluntary OPEC-led supply cuts.
According to National Oil Corporation (NOC) of Libya in a statement said that output had been reduced by 70,000 to 100,000 bpd due to an attack on pipeline pumping crude oil to the port of Es Sider on Tuesday.

U.S. crude CLc1 had gone up by $1.50, or 2.6 percent, to end the session at $60 a barrel after touching a session high of $60.01, the highest since late-June 2015.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-members, have been withholding some output since Jan. 1 to relieve a glut. The producers have extended the supply cut agreement to cover all of 2018. 
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That outlook is earlier than predicted in OPEC’s latest official forecast, which calls for a balanced market by late 2018. [OPEC/M]

On Monday, the oil Minister of Iraq had called for a balance between supply and demand by the first quarter, leading to a boost in prices. Global oil inventories have decreased to an acceptable level.

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