The International Energy Agency (IEA) said Wednesday that US oil rose nearly $ 0.6 due to strong global demand and declining production of OPEC and other producers, global oil surges began to ease, and oil prices soared 48.77 US dollars / barrel; but earlier in the days of API crude oil inventories rose more than expected, so that the market worried.
The International Energy Agency (IEA) pointed out in its monthly report, “Based on the recent bet of investors, the market is expected to tighten, oil prices will rise, although the rally will be very gentle.”
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IEA said, “demand growth continues to be stronger than expected, especially in Europe and the United States”; the agency’s global oil demand growth in 2017 is expected to increase from 1.5 million barrels / day to 1.6 million barrels / day.
The results of the assessment echoed OPEC’s report on the growth in oil demand in 2018, indicating signs of tightening the global crude oil market.
The US Energy Information Administration (EIA) has also revised its forecast for US oil production in 2017 and 2018, partly reflecting the impact of Hurricane Harvey.
German commercial banks said in a note that OPEC and EIA reports are a surprise and should really support oil prices; but that also means that if you want to ensure the balance of the oil market, OPEC must not increase production.
However, the German commercial bank pointed out that it is difficult to achieve, because OPEC member countries Libya and Nigeria did not agree to cut production.
Market concerns about rising US crude oil inventories continued
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US Petroleum Institute (API) reported on Tuesday, as of September 8 the week, US crude oil inventories increased by 618 million barrels to 4.888 million barrels, an increase of almost twice the analyst expectations.
Analysts said that due to the impact of the two hurricanes – Harvey and Irma, the next few weeks, US stocks inventory data may not give a comprehensive reflection.
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