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US crude oil rises further above $58 amid supply concerns

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/11/2017 (12:40)
According to media reports, WTI crude on NYMEX jumped to its highest level in more than 2 years on Wednesday amid supply disruption arising from the shutdown of one of the largest crude oil pipelines in Canada.

TransCanada Corp.’s 590,000 b/d Keystone pipeline was taken offline last week due to a spill, cutting the company’s November shipments by 85%. In line with the recent shutdown, West Texas Intermediate was up 54 cents to settle at $58.56/barrel on Thursday after crossing the $58 threshold for the first time since 2015. In Friday’s intra-day trading, futures were still above $58/bbl.

According to the data released by the US Energy Information Administration (EIA), the country’s crude supplies declined by 1.9 million barrels, which showed a smaller-than-expected fall ahead of a major OPEC meeting next week.

Meanwhile, the OPEC producers and Russia are expected to extend their production cut agreement beyond March 2018, which may also support the global oil tightening, the media reported.
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