OIL: STABLE REDUCTION
Crude oil prices stabilised Friday after dropping significantly this week.The crude oil market suffered another big weekly loss amid concerns over surplus supplies. This week, the prices of US crude and Brent crude dropped 4.4 percent and 2.3 percent respectively.Crude production from the Organisation of Petroleum Exporting Countries (OPEC) averaged 30.47 million barrels per day (mb/d), an increase of 402,000 barrels from the previous month, according to the OPEC monthly report released Friday, Xinhua reported.Non-OPEC oil supply growth in 2014 is forecast at 1.68 mb/d, in line with the previous report. Growth was seen coming mainly from the US, Brazil and Canada. Non-OPEC supply is expected to increase by 1.24 mb/d in 2015.US crude stockpiles added five million barrels to 361.7 million barrels last week, according to data from the Energy Information Administration (EIA) released Wednesday.Technology and high prices are opening up new oil resources from North America. US domestic crude production rose to the highest level since March 1986, according to the EIA.Traders worried that the slowing demand could not catch up with the rising global supplies.OPEC expected global oil demand growth in 2014 to reach around 1.05 mb/d, unchanged from the previous report. In 2015, world oil demand is forecast to rise by 1.19 mb/d, in line with last month's forecast.US crude for November delivery moved up five cents to settle at $85.82 a barrel on the New York Mercantile Exchange, while Brent crude for November delivery gained 16 cents to close at $90.21 a barrel.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.