Falling US crude stocks, threats to Nigerian fuel infrastructure push oil up

Oil slips towards $69 ahead of US supply report

Falling US crude stocks, threats to Nigerian fuel infrastructure push oil up

Oil has been well supported around its three year highs recently as steady buying is emerging after the break above $60.

Oil prices rose on Thursday on a reported decline in USA crude inventories, and as rebels in Nigeria threatened to attack the country's petroleum infrastructure.

According recent report, Brent crude futures were at 69.35 dollars at 0124 GMT, up 20 cents or 0.3 per cent from their last close. WTI marked it highest since December 2014 at $64.89 on Tuesday. The output cuts that began a year ago in a bid to remove a global oil glut have pushed up the price of benchmark Brent crude by more than 50 percent since mid-2017 to hit Dollars 70 a barrel last week for the first time since December 2014.

Oil slips towards $69 ahead of US supply report

Ruecker's concerns dovetail with those of Citigroup Inc., Societe Generale, and JMorgan Chase & Co., all of whom have been reported as predicting that OPEC might ditch its cutbacks instead of maintaining them to the end of 2018 and ramping production back up in order to discourage rival supply.

The API data also showed a well-supplied fuel product market, which could mean lower crude demand going forward.

Rashidi explained that the market is now stable enough to accommodate any issues that do not have a major impact on supply and demand, adding: "control of production will insure stability of the market more than any factor such as relations between countries".

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This week, the API reported another, although smaller, build in gasoline inventories of 1.782 million barrels for the week ending January 12. "This would put the USA on par with Saudi Arabia and Russia's output", said Fawad Razaqzada, market analyst at future brokerage Forex.com.

OPEC and Non-OPEC members agreed during a meeting in Vienna in Dec 10, 2016 to limit oil output in reaction to a drop in oil prices at the time. "This would put the United States on par with Saudi Arabia and Russia's output", Razaqzada said.

Despite this, traders said prices were unlikely to fall far due to risks to supply disruptions.

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Investigations also showed that US crude stocks fell by 11.2 million barrels in the week to January 5 to 416.6 million barrels, industry group, the American Petroleum Institute, said on Tuesday.

In Nigeria, the militant group Niger Delta Avengers threatened to launch attacks on the country's oil sector in the next few days.

Official US oil inventory and production data is due on Thursday from the Energy Information Administration (EIA).

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