Crude Oil Prices Gain In Asia As China Trade Data Supports

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Brent crude oil was down 62 cents at $56.32 a barrel by 1:43 p.m. ET.

The global crude market will rebalance next year if the Organisation of the Petroleum Exporting Countries (Opec) holds output at current levels - but oil prices are not expected to rise in 2018, a new forecast has suggested. USA light crude was down 67 cents to $50.63 a barrel.

Crude oil prices fell for the first time in three days as investors mulled over a mixed report from the Energy Information Administration (EIA) showing crude stockpiles fell more than expected while gasoline supplies swelled. Though Brent and WTI futures were responding negatively to the crude stock-build reported by the API early Thursday, the market will be looking to the corresponding EIA data later in the day for validation.

Crude oil futures slipped Thursday, put pared early losses after the government said USA oil inventories dropped last week.

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But after President Trump made the decision to run for office in 2015, that number dropped significantly. Individual players however, have spoken out as against the president and his hotels.

Angola's production, based on direct communication, was 1.657 million barrels per day, a monthly drop of 23,000 barrels, with no data from Nigeria in this case.

The International Energy Agency said on Thursday demand for OPEC oil would be 32.5 million bpd next year - around 150,000 bpd lower than the group pumped last month. The lowering of 2017 growth expectations should have been price-supportive, especially for WTI, but with this year nearing an end, attention will shift more to the output expectations for 2018, which at this point are bearish.

US exports fell in the most recent week to 1.27 million bpd, but USA exports have still exceeded 1 million barrels a day for three straight weeks, the first time this has happened. For 2018, oil demand is expected to rise by 420,000 bpd vs 400,000 bpd previously.

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