Oil Prices Slip as Dollar Strengthens

B.C Budget 2018 Natural gas royalties forecast to jump 57.9% in 2018 Pipeline News North

Global benchmark Brent crude rose 0.72 percent to $66.86 a barrel on London's intercontinental Exchange, on track for a 3.1 percent weekly gains.

US crude inventories had been forecast to rise 1.8 million barrels.

The markets then have raised their concern on the declining crude oil prices as the OPEC outlook failed to withstand worries from the market regarding the growing USA crude which is also expected to rise in the coming years.

U. S. crude inventories unexpectedly fell 1.6 million barrels in the week to February 16, as net imports dropped to a record low and exports surged, according to data from the Energy Information Administration.

"The market's been concerned about USA production ramping, so as long as you still have these healthy inventory reports, it helps ease some of the fears". However, oil prices rallied and recover at the beginning of the year on the back of the strong OPEC cuts.

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Crude stocks at Cushing, Oklahoma are down around 2.7 million barrels.

Gasoline demand increased by 222k barrels last week and has averaged 9.1 million barrels a day, which is up 5.4% from year ago levels.

Oil prices were mostly steady on Friday.

Futures advanced 1.8 percent in NY after a government report showed US crude stockpiles slid 1.62 million barrels last week, the largest draw in five weeks.

This time, the gains were said to be inspired by a dip in Libyan production (due to the shutdown of that country's El Feel oilfield), and yet more rhetoric from the Organization of the Petroleum Exporting Countries (OPEC) that its production cutbacks are effectively eroding excess stockpiles.

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The governor has called Gardner a "reckless liberal prosecutor" out to "score political points" by pursuing the case. Gardner, said that sharing the image in that manner is a felony under the invasion of privacy statute.

In a market structure called backwardation, prompt crude prices are higher than forward prices, discouraging storage.

S. crude jumped to just above 2 million bpd, close to a record 2.1 million hit in October. Weekly U.S. production fell by 1,000 barrels from a record high. Oil prices, which fell below $30 a barrel in 2016, have since more than doubled to nearly $70 a barrel.

"As President of the OPEC Conference, you have shown exemplary vision and leadership through 2017 with your stewardship of the implementation of the "historical" agreement to seek oil market stability among some 20 OPEC and non-OPEC countries to the benefit of producing and consuming nations alike", said Malcolm Brinded CBE, President, Energy Institute.

Getting the balance right in the market will always be a challenge, but OPEC and friends are determined to stay the course.

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