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Best Stock Advisory Company in Indore, Oil dips away from 2015 highs as rising US output weighs on outlook
Oil prices on Friday dipped away from 2015 highs reached the previous session, weighed down by rising US output and the expected January re-opening of the Forties pipeline in the North Sea. Dealt volumes of crude futures were declining fast as traders closed positions ahead of upcoming Christmas and New Year breaks.
US West Texas Intermediate (WTI) crude futures were at $58.15 a barrel at 0130 GMT, down 21 cents, or 0.4 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $64.64 a barrel, down 26 cents, or 0.3 percent.
Brent on Thursday closed at $64.90 a barrel, its highest since June 2015. The dip on Friday was largely due to an outlook for rising supplies which triggered traders to sell out of long positions ahead of year-end.
Jeffrey Halley, a senior market analyst at futures brokerage Oanda in Singapore said there was “a lack of momentum as the holiday season subdues trading volumes”.
Weighing on the oil price outlook more fundamentally is the expected return of the 450,000 barrels per day (bpd) Forties pipeline system in the North Sea in January. The pipeline, which delivers crude underpinning Brent futures contracts, shut down earlier this month due to a crack. Operator Ineos said on Thursday it expected to complete repairs around Christmas and would gradually restart the system in early January.
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