Crude Oil Update - Crude Oil Dips in Asia to the lead of Rig calculate Figures, Saudi-Iran tension Eyed
Crude oil prices fell in Asia on Friday ahead of U.S. weekly rig count data that show a dip in the prior week, but also with a prickly eye on the Middle East as worries between Iran and Saudi Arabia, key OPEC members, rumble.
On the New York Mercantile Exchange crude futures for December release eased 0.26% to $57.02 a barrel, while on London's Intercontinental Exchange, Brent dipped 0.02% to $63.80 a barrel.
During the night, crude oil prices complete higher on Thursday among ongoing unrest in the Middle East while Saudi Arabia’s plan to slash crude export lifted reaction.
Saudi Arabia plans to cut its crude exports by 120,000 barrels per day in December compared with November, slashing allocation to all counties, Reuter’s report Thursday, citing an energy ministry spokesman.
The reports of Saudi’s plan to decrease exports come as investor doubts grew of instability in the Middle East after Saudi Arabia warned its citizens not to travel to Lebanon and urged the worldwide community to impose fresh sanction on Iran.
The getting higher tensions between Saudi Arabia and Iran come behind Saudi Arabia’s crown prince Mohammed bin Salman accused Iran of “direct military aggression” by supplying Houthi rebel in Yemen with arms, one of which was fired up towards the Riyadh on Saturday.
Analysts at RBC said the new rally in oil prices is more sustainable than before rallies, as geopolitical risk would play a more and larger “needle-moving” role as the excess oil provisions continued to narrow.
Crude Oil Update prices remain on track for 5th directly weekly win despite a report showing that U.S. crude supplies rose recent week last week.
On the New York Mercantile Exchange crude futures for December release eased 0.26% to $57.02 a barrel, while on London's Intercontinental Exchange, Brent dipped 0.02% to $63.80 a barrel.
During the night, crude oil prices complete higher on Thursday among ongoing unrest in the Middle East while Saudi Arabia’s plan to slash crude export lifted reaction.
Saudi Arabia plans to cut its crude exports by 120,000 barrels per day in December compared with November, slashing allocation to all counties, Reuter’s report Thursday, citing an energy ministry spokesman.
The reports of Saudi’s plan to decrease exports come as investor doubts grew of instability in the Middle East after Saudi Arabia warned its citizens not to travel to Lebanon and urged the worldwide community to impose fresh sanction on Iran.
The getting higher tensions between Saudi Arabia and Iran come behind Saudi Arabia’s crown prince Mohammed bin Salman accused Iran of “direct military aggression” by supplying Houthi rebel in Yemen with arms, one of which was fired up towards the Riyadh on Saturday.
Analysts at RBC said the new rally in oil prices is more sustainable than before rallies, as geopolitical risk would play a more and larger “needle-moving” role as the excess oil provisions continued to narrow.
Crude Oil Update prices remain on track for 5th directly weekly win despite a report showing that U.S. crude supplies rose recent week last week.
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