Oil prices edge up to three-month high

Russia May Exit OPEC Production Agreement

Experts say that the American Petroleum Institute (API) published another report, which says that the USA crude oil inventories had shown the biggest drop in 18 years driven by really big demand.

The surge waned towards the end of the session, with the global Brent benchmark settling just 6 cents higher for a fourth day of gains. Compared to year-ago inventory levels, US commercial crude oil stockpiles have dropped 8.1%, down almost 95 million barrels.

Later-dated futures trading lower than the spot price is known as backwardation, and is expected to inhibit production because it implies a lower price for future barrels sold. I believe that OPEC has successfully projected the image of itself in the market as an actor that can effectively play a role in pursuing the rebalance between supply and demand.

In late December, the NYMEX ultra-low sulfur diesel (ULSD) crack spread against West Texas Intermediate (WTI) climbed north of the $22-$25/b range in place since October, and kept rising until it topped $27/b for the first time since March 2015.

Experts expect that commercial oil reserves in the U.S.

Inventories at the Cushing, Oklahoma, site decreased by 2.516 million barrels this week.

"The glut is gone".

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Analysts and traders have warned about the risk of a price correction since the start of 2018, but they say overall market conditions remain strong, mainly due to output cuts led by the Organization of the Petroleum Exporting Countries and Russian Federation. "OPEC doesn't look like they are going to be raising production anytime soon".

Brent crude futures were at $69.15 a barrel, 33 cents, or 0.5 per cent, above their last close.

While Brent and WTI are still below $70 per barrel, the average price for Asian crude oil grades has already risen above that level, to $70.62 per barrel, Thomson Reuters Eikon data showed.

According to the source, the price for February Futures WTI oil dropped by 0,13% totaling to $63,49 per barrel on the New York Mercantile Exchange (NYMEX). "That helps explain the demand picture, which has oil up at $70", said Scott Clemons, chief investment strategist at Brown Brothers Harriman in NY. "It makes sense to see a bit of consolidation".

"You have a very overbought market". The Dow Jones Transport index rose 2.3 per cent - its biggest one-day percentage gain since November 29.

"Eugen Weinberg, head of commodities research at Commerzbank. thinks the oil market is overheating: "$70 is too much. Experts say this decision means the OPEC+ participants have lost the long-term oil war with American shale oil companies.

With assistance from Ann Koh, Ben Sharples and Grant Smith.

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