NEW YORK (Reuters) – Thursday oil prices were mixed as crude futures to build in household inventories and records production were pressed, and forecasts from the Petroleum Exporting Countries Organization for lower oil surpluses supported Brent was expected.
PHYSICAL FILE: Oil pump is seen immediately after sunset outside Saint-Fiacre, near Paris, France 17 September 2019. REUTERS / Christian Hartmann
Brent future futures futures were up to 3 cents to $ 62.40 barrel under 1:22 p.m. EST (1822 GMT), while CLc1 Texas Texas intermediate singing was down 20 cents to $ 56.92 barrel.
The US stock crop grew last week by 2.2 million barrels, compared to the expectations of analysts in the Reuters election on a 1.649 million barrel rise, as the production succeeded, t said the Energy Information Administration.
“Today's report is about the report,” said Phil Flynn, an analyst at Price Futures Group in Chicago. “The construction of crude oil was disappointing.”
Uproduction of 200,000 barrels per day (phd) rose to a weekly record of 12.8 million bpd, the EIA submitted a weekly delay report of a day at US Vacation holidays. Monday.
“We might be producing too many bits and leaving it sitting in the storage tanks,” said Ryan Kaup, a commodity broker at CHS Hedging.
The earlier market rose by about 1% after OPEC reported a smaller surplus in the oil market next year although it is always expected that the demand will become raw as more competitors must.
OPEC Secretary General Mohammad Barkindo also said Wednesday that there are likely to be past reforms of the supply going into 2020, particularly from US chips.
Barkindo said it was too early to say whether additional output cuts would be needed.
The fall in demand could bring the case to the exporter group and the partners such as Russia's supply curbs kept at a meeting on December 5-6.
“Counting of the OPEC countries has begun, and the question of whether the group and its allies will charge further supplies is in mind,” said Norbert Rucker, head of economics at Swiss bank, Julius Baer.
“The current market conditions are testing patience and integration of petrols … Any major change in policy would be very surprising.”
The mixed prices for mixed oil demand in China, the world's largest raw importer, mixed prices. Industrial output rose slower than expected in October, but oil refinery throughput hit the second highest level ever.
Additional reporting by Noah Browning in London, Florence Tan and Aaron Sheldrick; Edited by Marguerita Choy and Steve Orlofsky
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