Finance
Brent oil price above $57 level at week ending Oct. 13
- Brent crude price registers at $57.41 per barrel while WTI sees $51.58 on Fridayrn

International benchmark Brent crude increased by 2.06 percent to $57.41 per barrel on Friday at 11.32 GMT.

American benchmark West Texas Intermediate (WTI) dropped by 1.94 percent to $51.58 at 11.37 GMT.

According to the U.S. Energy Information Administration (EIA) data on Thursday, the U.S.' crude oil inventories and oil production decreased last week.

Commercial crude stocks fell by 2.7 million barrels to 462.2 million barrels for the week ending Oct. 6, the EIA said.

The U.S.' crude oil production decreased by 81,000 barrels per day (bpd) to 9.48 million bpd for the week ending Oct. 6, the EIA said.

At the same time, the country's crude oil exports also fell by 714,000 bpd to 1.27 million bpd while crude oil imports increased by 403,000 bpd to 7.62 million bpd.

In addition, on Thursday IEA data revealed that global oil supply rose by 90 thousand barrels per day (b/d) in September as non-OPEC output edged higher with output of 97.5 million b/d standing 620 thousand barrels above that of September last year.

According to the administration's oil market report, following very strong year-on-year demand growth of 2.2 million barrels per day (mb/d) in the second quarter of 2017, the pace slowed to 1.2 mb/d in the third quarter of 2017, reflecting relatively weak July and August data and the impact of hurricanes in September.

In addition, the agency forecast for global demand growth remains unchanged at 1.6 mb/d in 2017 and 1.4 mb/d in 2018.

Gulsen Cagatay

Anadolu Agency

energy@aa.com.tr

13 Oct,2017
FINANCE NEWS