Daily Trends Now
Daily Trends Now


Oil edges up from 2-week lows but gains limited

Oil prices were little changed on Thursday after falling in the previous two sessions as investors shied away from riskier assets amid volatile equity markets and the USA dollar gained, limiting overall interest in commodities.

Brent crude LCOc1 rose 30 cents to $64.13 a barrel by 12:10 p.m. EST (1710 GMT).

Analysts said oil prices. "We see more downside for oil".

A surge in North American crude output also has the market anxious, despite efforts by the Organization of the Petroleum Exporting Countries and external producers such as Russian Federation to limit global crude production. Observers have noted that should the USA exceed these production levels, it could potentially overtake Saudi Arabia and Russian Federation to become the world's top crude oil producer.

US output was 10.27 million barrels per day (bpd), according to last week's government figures, higher than the latest figures for the world's largest exporter Saudi Arabia and just below Russian Federation.

"We got a little extended on the upside - we had a price advance of more than $6 a barrel in crude in less than two weeks", said Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates.




WTI Crude oil futures edged up on bargain buying after testing a two week low near $60 per barrel.

OPEC officials are expected to meet US shale executives next week in Houston, at the annual CERAWeek conference, presented by IHS Markit.

Demand levels, meanwhile, are contributing to overall market balance and indices show USA consumer confidence at its highest level in almost two decades. West Texas Intermediate, the US benchmark for the price of oil, was up 0.37 percent to $63.24 per barrel. "A transition of the deal is needed but not yet visible, with both an over-tightening and an orderly unwinding being potential scenarios", said Norbert Rucker, head of commodity research at Swiss bank Julius Baer.

The (), which measures the greenback against six major currencies, increased for a second day on Wednesday and was slightly higher on Thursday.

The OPEC/non-OPEC cuts totaling roughly 1.8 MMBPD, which began in January 2017, have helped raise prices from lows around $26/Bbl in January 2016.

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