Oil near 2015 highs on strong China data

Oil near 2015 highs on strong China data

Benchmark futures are up more than 11 percent in 2017, after going into a bull market in September.

As a result of e-commerce in London and NY stock exchanges, the world oil prices are rising, Gazeta.ru reports.

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USA output is still up by nearly 16% since mid-2016, but most analysts had expected production to break through 10 million bpd by the end of this year-a level only surpassed by top exporter Saudi Arabia and top producer Russian Federation.

Overnight, crude oil prices reached their highest since mid-2015.

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"The tug-of-war between OPEC and the USA will continue to pressure oil from trading above $60 a barrel in 2018", said Kim Kwangrae, a Seoul-based commodities analyst at Samsung Futures Inc.

Based on total expected quotas, China's imports-which at around 8.5 million bpd are already the world's biggest-are expected to hit another record in 2018 as new refining capacity is brought on stream and Beijing allows more independent refiners to import crude. The rig count, now at 747, stayed relatively stable during the last quarter, even as oil strengthened. That could act counter to plans by producers including Saudi Arabia, who have pledged to extend production curbs through the end of 2018 to wipe out a global glut.

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Crude oil were lower on Friday as expectations OPEC and other producers will extend their production cut agreement were offset by forecasts US output will continue to grow with prices holding near 28-month highs. "If we don't see that pattern continue then, we could see a significant correction". Brent crude futures settled up 28 cents at $66.72 a barrel. Volume remains well-below average. Front-month prices are about 12 per cent higher this year, after rising 45 per cent - the most since 2009 - in 2016.

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