World

Reversing crude oil cycle is bad for India

Reversing crude oil cycle is bad for India

Brent Crude futures rose 41c to 66.57 bbl.

Higher crude oil price negatively impacts oil marketing companies as it strains their refining and marketing margins.

Iran's crude oil production and exports have not been impacted by the unrest spreading across the country, Iranian oil and shipping sources said on Tuesday, as a crackdown intensified against anti-government demonstrations that began last week.

Brent rose 0.6% to $67.29 a barrel on the London-based ICE Futures Europe exchange at 7.16am local time. Brent crude sold for $66.70 a barrel and WTI cost $60.39 a barrel at 10:10 a.m.in NY trading.

For the whole of 2017, Russia's average annual oil production increased for a ninth year in a row. Inventories are down by nearly 20% from historic highs last March, and well below this time in Y 2016 or in Y 2015.

"The resolution of the North Sea pipeline issue is having the expected result that the Brent-WTI spread is narrowing today", David Thompson, executive vice-president at Powerhouse, an energy-specialized commodities broker in Washington.

The Kremlin's deal with Opec has been extended until the end of 2018, a sign that allies are committed to cutting stockpiles to boost prices.

Protesters also attacked police stations elsewhere in Iran late into the night on Monday, news agency and social media reports said.

Strong demand growth, especially from China, has also been supporting crude.

Some analysts think Friday's crude gains will evaporate sooner than later: "The current highs are unsustainable in the short-to-medium term, with prices likely to head back below $60 once we get past January", stated JBC Energy GmbH.

However, rising USA production, which is on the verge of breaking through 10 million bpd, has tempered the bullish outlook.


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