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Oil prices sink more than 1%

FOREX_Commodities-analysis_Oil-prices-sink-more-than-1-%_FXPIG

Oil prices took a sharp turn lower on Friday on worries over record U.S. oil production, and after a major energy watchdog predicted shale producers would help drive production to levels not seen since the 1970s.

February West Texas Intermediate oil CLG8, -0.89%  dropped 59 cents, or nearly 1%, to $63.36 a barrel. Brent crude for March LCOH8, -0.94% the global oil benchmark, gave up 62 cents, or 0.9%, to $68.69 a barrel on London’s ICE Futures exchange.

For the week, WTI crude is looking at a 1.8% drop, while Brent is facing a similar decline. If those losses hold through Friday, that would mark the biggest weekly drop since early October, both for WTI and Brent.

Prices settled little changed on Thursday, after the U.S. Energy Information Administration reported that domestic crude supplies dropped 6.9 million barrels for the week ended Jan. 12. But the EIA also reported a rise of 258,000 barrels a day in total crude production to 9.75 million barrels a day for last week. That’s near the 9.789 million barrels a day seen for the week ended Dec. 15, which was a weekly record based on EIA data going back to 1983.

However, losses for oil picked up in Asia and carried on through Europe’s morning session. Adding to worries over U.S. output, the International Energy Agency predicted production in the nation will rise above 10 million barrels a day in 2018, a level not visited since 1970.

Oil prices have been gaining on tighter global supplies, amid efforts by the Organization of the Petroleum Exporting Countries, along with producers including Russia, to cut output and drain global stocks. But rising U.S. supplies remain a concern for markets.

On Thursday, OPEC reported a 42,000-barrel-a-day rise in December oil production, but also modestly lifted its 2017 global demand estimate to 96.99 million barrels a day and forecast 2018 demand at 98.51 million barrels a day.

Among other energy contracts, February gasoline RBG8, -0.90% rose 1.4% to $1.870 a gallon. February heating oil HOG8, -0.67%  slipped 0.7% to $2.047 a gallon.

February natural gas NGG18, -1.25%  fell 0.4% to $3.175 per million British thermal units.

Source:marketwatch.com

Oil prices took a sharp turn lower on Friday on worries over record U.S. oil production, and after a major energy watchdog predicted shale producers would help drive production to levels not seen since the 1970s.

February West Texas Intermediate oil CLG8, -0.89%  dropped 59 cents, or nearly 1%, to $63.36 a barrel. Brent crude for March LCOH8, -0.94% the global oil benchmark, gave up 62 cents, or 0.9%, to $68.69 a barrel on London’s ICE Futures exchange.

For the week, WTI crude is looking at a 1.8% drop, while Brent is facing a similar decline. If those losses hold through Friday, that would mark the biggest weekly drop since early October, both for WTI and Brent.

Prices settled little changed on Thursday, after the U.S. Energy Information Administration reported that domestic crude supplies dropped 6.9 million barrels for the week ended Jan. 12. But the EIA also reported a rise of 258,000 barrels a day in total crude production to 9.75 million barrels a day for last week. That’s near the 9.789 million barrels a day seen for the week ended Dec. 15, which was a weekly record based on EIA data going back to 1983.

However, losses for oil picked up in Asia and carried on through Europe’s morning session. Adding to worries over U.S. output, the International Energy Agency predicted production in the nation will rise above 10 million barrels a day in 2018, a level not visited since 1970.

Oil prices have been gaining on tighter global supplies, amid efforts by the Organization of the Petroleum Exporting Countries, along with producers including Russia, to cut output and drain global stocks. But rising U.S. supplies remain a concern for markets.

On Thursday, OPEC reported a 42,000-barrel-a-day rise in December oil production, but also modestly lifted its 2017 global demand estimate to 96.99 million barrels a day and forecast 2018 demand at 98.51 million barrels a day.

Among other energy contracts, February gasoline RBG8, -0.90% rose 1.4% to $1.870 a gallon. February heating oil HOG8, -0.67%  slipped 0.7% to $2.047 a gallon.

February natural gas NGG18, -1.25%  fell 0.4% to $3.175 per million British thermal units.

Source:marketwatch.com

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