WTI crude oil futures settle at $52.33 per barrel

Josh Kim
January 5, 2017

WTI light sweet crude oil was up 35 cents at $52.66 a barrel.

Firmer prices for WTI than for Brent were supported by an American Petroleum Institute (API) report showing US crude inventories fell 7.4 million barrels in the week ended December 30 to 482.7 million, compared with analyst expectations for a decrease of 2.2 million barrels.

Some analysts estimate that shale oil producers have been so diligent in cutting costs that they are now profitable at an oil price of $US50 a barrel. The US dollar climbed to its highest price point since 2002 on Tuesday, and as traders sold their oil positions.

A new OPEC deal created to return the global oil industry to profitability will fail to prevent its ongoing march toward a trillion dollar debt defaults according to a new report published by a Washington group of senior global banking executives. In the next fortnight, we see oil prices (CMP; $54 a barrel) trading higher towards the $57 mark, while on MCX (CMP; Rs 3,677 a barrel), oil prices will move towards Rs 3,850 a barrel.

Brother and sister among three found at bottom of Dover cliffs
Anyone with information that could help with the enquiry is urged to phone Kent Police on 101 quoting reference number 01-0980. They went to the Langdon Bay area but the man was found dead on a ledge close to the bottom of the 400ft cliffs.

With Donald Trump poised to take the U.S. presidential office, some market commentators reckon his erratic outbursts on Twitter and protectionist attitude might push safe-haven seekers to gold.

And that's only one reason why the price of oil is fluctuating today... Also, budgets from these fields can be channelled to innovative technologies and to the EOR Innovation Center to bring about lower cost innovations in production to Oman, and economical access to those oil reserves we have failed to produce from for over three, and even four decades after their discovery.

On the other hand, in December the total oil production of OPEC countries fell by 310,000 barrels due to interruption of operations in the fields in Nigeria.

On the other hand, investment activity in the oil sector increased recently after a recovery in crude oil prices. Overall the trend still bearish for crude oil, but there is a short-term development which shows the possibility the price will reach at least $60 in next coming months. "The most likely scenario is OPEC and non-OPEC member countries will be committed to the deal, especially in the early stages". Full compliance means a US$6-per-barrel upside to Goldman's price projection. OPEC will be holding its first compliance meeting since the deal began.

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