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MTECHTIPS;-Crude Oil Prices Settle Higher as OPEC Says Excess Crude Supplies Nearly Eliminated

Tuesday, May 15, 2018 4:26

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MTECHTIPS;-Crude Oil Prices Settle Higher as OPEC Says Excess Crude Supplies Nearly Eliminated

MTECHTIPS-Crude oil prices settled higher on Monday as traders cheered a mostly bullish report from OPEC showing excess stockpiles of global crude has been nearly eliminated. On the New York Mercantile Exchange crude futures for June delivery rose 26 cents to settle at $70.96 a barrel, while on London’s Intercontinental Exchange, Brent rose 1.12% to trade at $77.98 a barrel. In its monthly report on Monday, OPEC said its production rose by 12,000 barrels per day to 31.9 million barrels per day in April. While oil inventories in developed nations fell to 9 million barrels above the five-year average. That’s down from 340 million barrels above the average in January 2017. The fall in crude supplies come as the oil cartel remained in strong compliance with with the output-cut agreement while a slump in Venezuelan oil output also slashed global crude inventories. OPEC raised its forecast for 2018 global oil demand to 98.85 million barrels a day, an increase of 25,000 barrels, compared with the previous estimate. Concerns over the ramp up in non-OPEC output continued, however, as the oil cartel estimated non-OPEC supply in 2018 to grow by 1.7 million barrels per day, with nearly 90% coming from the United States

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