Crude Oil Steady As OPEC Sees Strong Demand


The American Petroleum Institute (API) reports weekly crude and refined product inventories later on Tuesday.

Throughout the week, prices were also bolstered by rising global demand data and expectations that OPEC and other producing countries will extend a deal to cut output.

The exporters reached the deal last December and had already extended the agreement once through March 2018.

At a separate energy industry conference earlier Monday morning, al-Mazroui said the current OPEC-led supply cuts helped to remove almost 180 MMBbl of crude from storage in less than a year, CNBC reported.

Reuters reported last month, citing OPEC sources, that producers were leaning towards prolonging the agreement until the end of 2018, though the decision could be postponed until early next year depending on the market. "We are not going to meet in that quarter unless it is extraordinary", Mazroui said at an energy industry conference. Strong Support holds at $56.21.

So far in 2017, Brent has averaged at $54.5 per barrel. This is expected to cut 2.5 million bpd, or about 2 percent, off global oil demand by that time.

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OPEC Secretary-General Mohammad Barkindo listens during a news conference in Vienna, Austria, November 7, 2017.

Investors were confident that OPEC's output curbs would continue to support upside momentum in crude oil prices ahead of the upcoming Nov, 30 Opec meeting.

Tensions in the Middle East have raised the prospect of disruptions, but it was unclear whether a strong natural disaster that hit Iran and Iraq on Sunday had affected the region's oil production.

The West Texas Intermediate for December delivery was up 0.02 USA dollar to settle at 56.76 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.36 dollar to close at 63.16 dollars a barrel on the London ICE Futures Exchange.

Bahrain said Iran was behind an explosion in its main oil pipeline.