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Oil to average $50 per barrel in 2018

Oil to average $50 per barrel in 2018”

Analysts at Panmure Gordon shared that the prices are now increasing since the last weeks as forecasts stated of increased demands from both the IEA and OPEC along with anticipated high demands from the U.S.as the oil refineries will resume their operations after Hurricane Harvey.

Total OPEC production, based on August figures from secondary sources, is about 0.3 percent higher than the average for 2016 and 3 percent higher in 2015, when the price of oil began to lose grip on $100 per barrel for the foreseeable future.

Oil prices rose yesterday after Iraq's oil minister said Opec and other crude producers were considering extending or even deepening a supply cut to curb a global glut, while a report showed a smaller-than-expected increase in USA inventories.

Brent crude futures, the global benchmark for oil prices, were at Dollars 56.13 a barrel at 0134 GMT, down 16 cents, or 0.3%, from their last close.

Meanwhile, the US West Texas Intermediate crude futures slightly gained at $50.01 per barrel.

OPEC and 10 producers outside the cartel, including Russian Federation, agreed late a year ago to cap production at around 1.8 million barrels a day lower than peak October 2016 levels; part of an effort to alleviate the global oil glut and boost prices.

US oil prices declined 23 cents to $50 a barrel after the Energy Department's report, but later rebound.

Saudi Arabia, OPEC's de factor leader and the world's largest crude exporter, shipped its lowest amount of oil in three years in July, industry data from the Middle East showed on Monday. Still another group-including Ecuador and Iraq-think that it's more cuts that should be discussed, Iraqi Oil Minister Jabbar al-Luiebi said on Tuesday. Crude inventories rose 5.9 million barrels in the week to September 8, compared with analysts' expectations for an increase of 3.2 million barrels.

Oil production also improved significantly to 9.51 million barrels per day, which reduced to 8.78 million bpd after it was affected by storm Harvey that hit the US Gulf Coast. The U.S. government's Energy Information Administration (EIA) will issue its next weekly dataset for oil-supply demand on Wednesday. Of course, other factors also have impact on the crude oil prices. Ahead of that, will be API's closely-watched inventory sampling at 4:30 p.m. on Tuesday. "Stronger exports also affirmed returning operational strength in the US refining hub".



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