Crude Oil Forecast And Technical Analysis October 26th

Oil dips from four-week highs

"If one accepts that US shale oil production is primarily the function of the price of WTI then it is unreasonable to expect a prolonged price fall", the report read.

Shale production from regions like the Permian Basin in Texas now exceeds 6 million barrels per day, according to the EIA, and USA crude oil exports recently reached almost 2 million barrels a day before dropping back somewhat.

Crude oil for immediate lifting has moved to a premium over later futures prices, indicating that demand for oil is strong in numerous biggest consuming regions, including Europe.

Brent crude closed at a 27-month high on Thursday as the market focused more on comments from Saudi Arabia about ending a global supply glut instead of an unexpected increase in USA crude inventories and high United States production and exports.

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Gasoline futures rose 1.8 cents, or 1.03%, to $1.7686 a gallon.

Disruptions to exports from Iraq, OPEC's second-largest producer, amid tensions between Baghdad and autonomous Iraqi Kurdistan have supported oil. The pact runs to March 2018, but they are considering extending it.

Brent, the global benchmark, rose $1.14, or 1.92%, to $60.44 - its highest settlement value since July 2, 2015.

OPEC and some major producers outside the cartel, including Russian Federation, first agreed late a year ago to cap their production at around 1.8 million barrels a day lower than peak October 2016 levels, with the aim of alleviating global oversupply and boosting prices.

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No matter that the assurances have all been made before-the comments add to the already growing optimism about OPEC's production cut deal, which will nearly certainly be extended until the end of next year, after Russia's Vladimir Putin and now MBS have backed an extension.

Oil fell as the biggest surge in USA output in half a decade overshadowed record overseas demand for American crude and fuels.

The kingdom has been a larger supplier to the USA for most of the past quarter century, data from the Energy Information Administration show.

"Together with the statement expressed by President Putin this clears the fog on the way to (the cartel's next meeting in) Vienna on November 30", he added in comments to Reuters.

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The prominent consulting firm Wood Mackenzie said in a mid-October report that global oil demand for transportation-the dominant use-could peak by 2030, with an overall peak by 2035. The global benchmark crude traded at a premium of $6.26 to WTI, the widest in more than four weeks.

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