Crude Oil Fundamental Analysis

[myregister]

Crude oil prices fell in trading Wednesday (12/7) in the Asian session, hampered by doubts continued to be cutting crude oil production by OPEC and Russia will be able to successfully cope with oversupply that has gripped the market for more than two years.

US crude oil futures price of West Texas Intermediate (WTI) fell 31 cents, or 0.61 percent, at 50.62 per barrel. Crude oil futures prices International benchmark Brent traded at $ 53.65 a barrel, down 28 cents, or 0.52 percent.

OPEC oil production hit a record high in November, rose towards 34.19 million barrels per day (bpd) from 33.82 million bpd in October, according to a Reuters survey based on shipping data and information from industrial sources.

Russia reported average oil production in November 11.21 million barrels per day, the highest in nearly 30 years. That means the production of OPEC and Russia itself enough to cover almost half of global oil demand, which is just above 95 million barrels per day.

Analysts estimate that crude oil prices will move with the weak sentiment agreement as doubt's effect that OPEC and Russia can cope with a global oversupply. But if tonight EIA report realized, will raise the price of crude oil. Crude oil prices are expected to move in the support range between $ 50.10 and $ 49.60.

[myregister]

Crude oil prices rose on Thursday on Asian session, supported by a weaker dollar ahead of next week's Federal Reserve meeting and a decline in US crude inventory.

Crude futures West Texas Intermediate rose 11 cents, or 0.22 percent, to $ 49.88 per barrel. International crude oil futures prices traded Brent edged up 3 cents, or 0.06 percent, at $ 53.03 per barrel.

Crude inventories in the United States fell 2.4 million barrels in the week ended December 2, compared with analyst expectations for a decline of 1 million barrels. But inventories at Cushing, Oklahoma, delivery hub US crude futures, rose a strong 3.8 million barrels last week, the most since 2009, according to data from the US Energy Information Administration on Wednesday.

Oil prices have been supported since the Organization of Petroleum Exporting Countries (OPEC) and Russia reached a landmark agreement last week to cut production to scrape the excess global supply and support prices. OPEC oil producers and non-OPEC will meet again this weekend in the Austrian capital to discuss details of the deal last week, aiming for an overall reduction in production of about 1.5 million barrels per day.

Analysts estimated that crude oil prices will move higher is limited by dollar weakness ahead of a meeting of the European Central Bank. Crude oil prices are expected to move in a range resistance between $ 50.40 and $ 50.90.

[myregister]

Crude oil prices extended gains on Friday (09/12) on Asia session, supported by growing optimism that non-OPEC producers agreed to cut output due to the OPEC agreement to limit production.

The price of US crude oil futures for January delivery rose 16 cents, or 0.31 percent, to $ 51.00 a barrel. Brent crude for February delivery was steady at $ 53.89 per barrel.

OPEC has agreed to cut output by 1.2 million barrels per day in the first half of 2017, an agreement supporting crude oil futures despite doubts about whether the amount was sufficient and whether the cuts will be implemented effectively.

Russia, which is not an OPEC member, has signaled it is ready to cut production by 300,000 barrels per day and on Thursday said it will come to Azerbaijan with a proposal for the reduction Vienna itself.

Analysts estimated that crude oil prices will move higher if optimism ahead of a weekend OPEC meeting continues to increase. However, it should be observed that the strengthening of US dollar can pressure oil prices. Crude oil prices are expected to move in the range of $ 51.50 and $ 52.00.

[myregister]

Crude oil prices fell slightly on Tuesday on Asia session on profit-taking pressure. But the rise in bullish sentiment stalled by strong demand in Asia and as a sign of decline in the production of crude oil held by OPEC and other exporters materialized.

US crude oil futures price of West Texas Intermediate (WTI) crude oil fell 10 cents to $ 52.73 per barrel, with US producers did not participate in the reduction of production. International crude oil price Brent futures traded at $ 55.67 per barrel, almost unchanged from the last closing.

Traders said there had been some profit taking crude oil surged to a mid-2015 earlier this week after the head of the Middle Eastern Organization of Petroleum Exporting Countries (OPEC) and other exporters led by Russia reached an agreement to cut production by nearly 1.8 million barrels per day to reduce the excess supply and shore up prices.

Meanwhile, China's November crude oil production fell 9 percent on a year earlier to 3.915 million barrels per day, data showed on Tuesday, but recovered from October's 3.78 million barrels per day, which is the lowest in more than seven years.

Analysts in this case estimated that crude oil futures prices will weaken limited by profit-taking after crude prices soaring. But the rising demand in Asia and production occur cut deal could lift crude oil prices back. Crude oil prices are expected to move in a range Support of $ 52.20 and $ 51.70

[myregister]

Crude oil prices flat in Asian trade on Thursday (15/12) triggered expectations of tightening production market in 2017 driven decline in production planned by OPEC and non-OPEC, offsetting the rise in US interest rates Wednesday depress commodity prices.

US crude oil futures price of West Texas Intermediate (WTI) was at $ 50.96 a barrel, down 8 cents, or 0.16 percent. International crude oil futures prices Brent traded at $ 53.93 a barrel, up 3 cents, or 0.06 percent.

ANZ Bank, on Thursday said the oil market would move to a sizeable deficit in the first quarter of 2017 if the Organization of Petroleum Exporting Countries (OPEC) and other producers led by Russia reduced their production of nearly 1.8 million barrels per day (bpd).

Data from the US Energy Information Administration (EIA) showed that commercial crude oil inventories last week fell by 2.56 million barrels to 483.19 million barrels. However, traders said it was far from clear whether OPEC and other producers will follow up on an agreement to cut output.

OPEC produced 33.87 million barrels per day last month, according to figures compiled from secondary sources, up 150,000 bpd from October, OPEC said in its monthly report on Wednesday. It shows the group's production continues to increase, adding to the global glut, towards the beginning of the supply agreement in January where the first cut since 2008.

Analysts estimated that crude oil prices could potentially flat with the pull of sentiment decline in inventories and a stronger dollar. But if tonight the US dollar continued to strengthen, will push oil prices. Crude oil prices are expected to move in a range Support between $ 50.50 and $ 50.00.

[myregister]

Crude oil prices rose in Asian trade on Friday after market source said Kuwait has been telling customers to cut supply by more than expected in January as part of a coordinated effort by the oil producers reduce global glut.

US crude oil futures price of West Texas Intermediate (WTI) rose 32 cents, or 0.63 percent, at $ 51.22 per barrel. Crude oil futures prices International benchmark Brent traded at $ 54.30 a barrel, up 28 cents, or 0.52 percent.

Kuwait Petroleum Corporation (KPC) has said on Tuesday that it has officially informed customers to cut their crude oil supply contract for January, in line with an agreement by OPEC to cut production. Traders said that the market price goes up if KPC supply cut more than expected.

Most exporters have called operational tolerance in which they can reduce or increase their exports to the client with little notice. Market sources said that the KPC has been telling clients that it cuts off the supply outside the operational tolerance.

Analysts estimated that crude oil prices could potentially rise to optimism cuts OPEC and non-OPEC production. But if the US dollar continues to strengthen, will push oil prices. Crude oil prices are expected to move in resistance range between $ 51.70 and $ 52.20.

[myregister]

Crude oil prices moved quiet tend to be weak on Asian session, with liquidity fading in approaching the Christmas weekend. US crude oil futures price of West Texas Intermediate (WTI) traded at $ 51.91 a barrel, down 21 cents, or 0.40 percent. Crude oil futures prices International benchmark Brent traded at $ 54.88 a barrel, down 4 cents or 0.07 percent.

Traders and analysts said there is no basis available to encourage large price swings, and that the market is likely to remain quiet this week. So many analysts estimated that crude oil has the potential to move flat ahead of the Christmas holiday, while there is no sentiment can influence market movements. Crude oil prices are expected to move between support range at $ 51.40 and $ 50.90

[myregister]

Crude oil prices slipped Thursday dragged down by an unexpected rise in US crude inventories last week and Libyan efforts to increase production over the next few months. But the price has also been dogged by a weaker US dollar and optimism that crude oil producers will adhere to an agreement to limit production to prop up the market.

US crude oil futures price of West Texas Intermediate fell 5 cents to $ 52.44 a barrel, after closing the previous session down 81 cents. Prices rose to $ 52.71 a barrel in early trading on Thursday.

The price of Brent crude oil futures for February delivery fell 4 cents to $ 54.42 a barrel at 0642 GMT, having earlier finished 89 cents lower. Prices rose to $ 54.69 a barrel earlier in the session on Thursday.

US crude oil inventories posted a surprise increase last week, rising 2.3 million barrels compared with an expected decline of 2.5 million barrels, the US Energy Information Administration said Wednesday.

Libya's National Oil Corporation (NOC) said it hopes to add 270,000 barrels per day (bpd) to national production after confirmed on Tuesday that the pipelines leading from Sharara and El Feel field has reopened. NOC says Sharara production reached 58,000 barrels per day on Wednesday.

Crude oil prices could potentially move to the weak global oversupply concerns. But the weak dollar sentiment can be a supporter of the price increase. Crude oil prices are expected to move in a range Support between $ 51.90 and $ 51.40.

[myregister]

Crude oil prices rose slightly in late trading the weekend on Saturday morning ahead of the Christmas and New Year with the market looking forward efforts to manage OPEC production cuts planned by Libya are expected to increase production.

 

US crude oil futures price closed up 7 cents, or 0.13 percent, to $ 53.25. Brent crude futures rose 11 cents to $ 55.16 a barrel, after rising 1.1 percent on Thursday. Crude oil prices still trading around its highest since mid-2015, supported by an agreement with the Organization of Petroleum Exporting Countries (OPEC) and non-members of OPEC to lower production by nearly 1.8 million barrels per day from January 1.

 

For the week, US crude rose for a second week in a row, gaining 2.2 percent during that time. The dollar index stabilized on Friday not far below the 14-year peak of 103.65 hit earlier this week. The dollar firmed makes dollar-denominated commodities such as oil more expensive for holders of other currencies.

 

Analysts estimate the price of crude oil has the potential to move the flat into the long holiday season until the end of the year. But the hopes passage of production cut began in January 2017 to support the price. Crude oil prices are expected to move in a range Resistance between $ 53.75 and $ 54.25

[myregister]

Crude oil prices fell slightly in Asian trade Wednesday as the market waited to see how the members of OPEC and non-OPEC supply cuts are planned to implement in the new year.

US crude oil futures price of West Texas Intermediate fell 10 cents, or 0.19 percent, to $ 53.80 a barrel after ending up 88 cents to $ 53.90 per barrel in the previous session. Brent futures traded down 15 cents, or 0.27 percent, at $ 55.94 a barrel, after closing the previous session rose 93 cents.

Trading is expected to remain thin this week ahead of the New Year holiday. Markets wait and see approach at the beginning of the historic formal agreement reached by the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC members to reduce their production.

In a sign that the world's major oil producers may adhere to their agreements, OPEC member Venezuela said it would cut 95,000 barrels per day of oil production in the new year. Russian oil producer Gazprom Neft said it plans to increase oil production by 4.5 percent to 5 percent next year.

Many analysts estimated that Crude Oil price will closely watch the sentiment caused by OPEC and non OPEC cuts production due to the new start on January 2017. If the sentiment is optimistic, will strengthen the price and vice versa.

[myregister]

Crude oil prices rose in the first trading early in 2017 on Asia session on Tuesday (03/01) supported by hopes that an agreement between OPEC and non-OPEC members to cut production starting on Sunday, which is expected to be effective in resolving the global supply glut.

Crude oil futures prices of West Texas Intermediate (WTI) rose by 0.56 percent, at $ 54.02, while Brent rose around 0.56 percent, at $ 57.14 per barrel, Market watchers said January would serve as an indicator as to whether the deal will work or not.

Libya, one of the two OPEC member states are exempt from cuts, increased its production to 685,000 barrels per day (bpd) on Sunday, up from around 600,000 per day in December, according to an official of the National Oil Corporation (NOC). Elsewhere in the OPEC member countries, Oman told customers last week that it would cut the volume allocation crude oil futures rose 5 percent in March.

Analysts estimated that Crude Oil prices will move higher in the hope of cutting production OPEC and non-OPEC producers including Russia which is held from January 2017. Crude oil prices are expected to move in the Resistance range between $ 54.50 and $ 55.00

[myregister]

Crude oil prices slumped on Asia session, hit by doubts that producers will fully deliver on its promises to cut production, even though the US auto sales hit a record and crude oil inventories fell offer the market some support.

West Texas Intermediate (WTI) traded down 7 cents, or 0.13 percent, at $ 53.19 per barrel. Brent crude oil futures price of international benchmark for oil prices, traded at $ 56.33 a barrel, down 13 cents, or 0.23 percent.

Traders said the decline came on the back of concerns about whether the plan by the Organization of Petroleum Exporting Countries (OPEC) and other leading manufacturers to cut crude supplies will be fully implemented.

In a note to clients on Wednesday, Goldman Sachs said "the oil market outlook in early 2017 will be driven by cuts OPEC and non-OPEC" and expected "the price of Brent reached a peak at $ 59 per barrel" in mid-2017. In the United States, crude oil prices were stronger than in the international market, supported by strong vehicle sales and crude oil stockpiles fell statements commercially.

Analysts estimated that Crude Oil price wil be weak with a doubt of cutting production. But if tonight the weekly US crude inventories fell realized, will raise the price of crude oil. Crude oil prices are expected to move in a range Resistance between $ 53.70 and $ 54.20.

[myregister]

Crude oil prices move weaker on Asia session on Friday after gaining nearly 1 percent the previous day on news that Saudi Arabia has cut production to meet OPEC agreement to cut production.

WTI for February delivery fell about 0.28 percent, to $ 53.61 a barrel, after closing up at 50 cents on Thursday. For the week, the contracts tend to be mostly stable. The price of Brent crude oil futures for March delivery fell 19 cents, or 0.33 percent, to $ 56.70 per barrel.

Saudi Arabia has limited oil production in January by at least 486,000 barrels per day (bpd) to 10.058 million barrels per day, OPEC fully implement an agreement to slow production, according to sources familiar with the Gulf of Saudi oil policy. But the price of re-move weaker as investors refocused on data showing a surprisingly large increase in US inventories of gasoline and distillate.

Gasoline inventories rose 8.3 million barrels, compared with analyst expectations in a Reuters poll for a rise of 1.8 million barrels. Distillate inventories, which include diesel and heating oil, rose 10.1 million barrels, compared to expectations for a rise of 1.1 million barrels, the EIA data showed. US gasoline prices fell about 0.6 percent on Thursday.

Analysts estimated that Crude Oil price will be weaker with increasing fuel and distillate inventories. But if US dollar continues to continue weakening and optimism increased production cuts, will lift crude oil prices. Crude oil prices are expected to move in the support range between $ 53.10 and $ 52.60

[myregister]

Crude oil prices fell on Asian session due to increased exports of oil producer Iran undermined efforts to curb excess global fuel supply and the increased activity of US driller for 10 consecutive weeks.

The price of West Texas Intermediate (WTI) traded at $ 53.73 a barrel, down 26 cents, or 0.48 percent. While the price of Brent traded at $ 56.86 a barrel, down 24 cents, or 0.42 per cent of their final closure.

Traders said lower prices are a result of increased exports of Iran comes a time when other members of the Organization of Petroleum Exporting Countries (OPEC) cut supply in an effort to end the global glut.

Iran has sold more than 13 million barrels of oil held in tankers at sea, take advantage of an OPEC output cut agreement, while Iran is excluded from the deal to regain market share and establish new buyers, according to industry sources and data. The amount of oil held in northwest Iran has declined to 16.4 million barrels, according to data from Thomson Reuters Oil Flows.

Analysts estimated that Crude Oil price could potentially further weakened by the strengthening US dollar and fears of an increase in production in Iran and US. However, if the emerging optimism or news about the implementation of the agreement of OPEC and non-OPEC, will be able to lift prices.

[myregister]

Crude oil prices edged higher in Asian trade on Wednesday (11/01), lifted by reports of supply cuts Saudi Arabia to Asia, but gains were limited by the lack of detailed this reduction and as signs of increased supply from other manufacturers.

The price of West Texas Intermediate (WTI) was at $ 50.96 a barrel, up 15 cents, or 0.28 per cent, while the price of Brent crude oil futures traded at $ 53.73 a barrel, up 9 cents, or 0.17 percent.

The Energy Information Administration (EIA) said on Tuesday that US crude oil production in 2017 will rise 110,000 barrels per day (bpd) to 9 million barrels per day. Another concern for traders is the US crude inventories are high, the EIA is scheduled to release the latest figures on Wednesday.

Outside the United States, there are doubts over the continued adherence to a reduction in planned production from members of the Organization of Petroleum Exporting Countries (OPEC). Iraq's second largest producer of OPEC plans to increase crude oil exports from the southern port of Basra to a record high in February, maintaining high delivery even as OPEC production cuts force this month.

Analysts estimated that Crude Oil price for the further session will examine the implementation of the agreement to cut output by OPEC and non-OPEC, in case of cuts will raise the price and vice versa. Also if tonight US crude inventories report will push the price increases to be realized.

[myregister]

Crude oil prices are flat on Thursday after US crude inventories and refined products to the market is sending mixed messages, with ongoing uncertainty over OPEC compliance with production cuts are planned also in focus.

The price of West Texas Intermediate (WTI) traded at $ 52.22 a barrel, down 3 cents, or 0.06 percent. Brent crude traded at $ 55.17 a barrel, up 7 cents, or 0.13 per cent. Traders said that crude oil inventories report and processed products released by the US Energy Information Administration Wednesday has sent mixed messages to the market.

While the unexpectedly strong rise in crude inventories by 4.1 million barrels to 483.11 million barrels implies ongoing oversupply, record US refinery runs of 17.1 million barrels per day (bpd), up 418,000 barrels per day in this week, indicating strong demand ongoing.

Despite some easing of supply in February to China, India and Malaysia, crude exporter Saudi Arabia is likely to focus on cuts in Europe and the United States, protecting the largest customer in Asia.

Analysts estimated that Crude Oil price will examine the implementation of agreement to cut output production by OPEC and non-OPEC, in case of cuts will raise the price and vice versa. Crude oil prices are expected to move in the resistance range between $ 52.70 and $ 53.20

[myregister]

Crude oil prices are flat on Monday (16/01), triggered by a weaker dollar and expectations that OPEC and other producers will cut production as part of a deal to curb global oversupply. But the increase in US crude oil production is still a threat of oil price hike.

US crude oil futures price of West Texas Intermediate (WTI) fell 2 cents, or 0.04 percent, to $ 52.35 per barrel. Brent crude futures traded at $ 55.47 per barrel, edged up 2 cents or 0.04 percent from the last closing them.

Traders said that prices were supported by a weaker dollar, which makes purchasing cheaper fuel for countries that use other currencies in the country, has the potential to spur demand. After spending most of the second half of 2016, the dollar has fallen about 2.5 percent against a basket of other major currencies since early January peak.

Oil also continued to receive support from crude oil production cuts from major producers including the Organization of Petroleum Exporting Countries (OPEC) and Russia. OPEC has said it would reduce production by 1.2 million barrels per day to 32.5 million barrels per day from January 1, and Russia as well as members of other non-OPEC plans to cut about half as much.

However, there are wide expectations that OPEC would not fully implement the cuts were announced, although the estimated 50 to 80 percent compliance is enough to keep crude oil prices supported in the mid $50 per barrel, traders said.

Analysts estimated that Crude Oil price will examine the implementation of the agreement to cut output by OPEC and non-OPEC, in case of cuts will raise the price and vice versa. But the increase in crude oil production is estimated to depress crude oil prices further. Crude oil prices are expected to move inside the Support range between $ 51.90 and $ 51.40

[myregister]

Crude oil prices fell in trading Friday on Asia session, with the increase in crude oil production from the United States pressured the efforts of OPEC and other producers to cut supply.

Price of West Texas Intermediate (WTI) crude oil futures fell by around 0.04 percent, to $ 53.76 per barel. While Brent crude price, an international benchmark for oil prices, trading at $ 56.14 per barrel , down by 0.18 percent.

Traders said that the efforts by the Organization of Petroleum Exporting Countries (OPEC) and other producers including Russia to cut supplies to reduce excess global fuel is being offset by increased production in the United States, so that the price of a tight range. The British bank said it expects the average price of Brent and WTI respectively $ 55 and $ 53 for the first quarter. 

OPEC and other manufacturers have agreed to reduce production by nearly 1.8 million barrels per day (bpd) for the first half of 2017 to counter the oversupply that has seen between 1 million and 2 million barrels per day of crude oil produced more than consumption during the two last year. But oil production has increased by about half a million barrels per day since mid-2016 amounted to 8.96 million bpd, offset a significant amount of any supply cuts OPEC regulated.

Analysts estimated that Crude Oil futures price for the next session could potentially weak with increased US production and the strengthening US dollar. Potentially weak oil prices may dropped towards the support range of $ 53.30 - $ 52.80.

[myregister]

Crude oil prices rose on Friday on Asian session, with OPEC's production cuts led to support the market cope with a surge in US fuel inventories are weighing on crude.

West Texas Intermediate (WTI) traded at US $ 53.13 a barrel, up 13 cents, or 0.25 percent. Brent crude futures, the international benchmark for the price of oil, rose 14 cents, or 0.25 percent, to $ 55.77 per barrel.

Both crude oil futures have traded in the $ 5 range since the beginning of the year, and traders say this is because the competition is driving prices. ANZ Bank said on Friday that oil prices continue to struggle to get out of the current range. The sentiment of "push" and "pull" to continue to compete in the market of crude oil overnight.

There is widespread skepticism that all manufacturers will actually make the cuts promised, but the reduction is now estimated at between 80 to 90 percent by OPEC producer, Saudi Arabia which has imposed sharp production cuts. And this is likely to continue to run until the OPEC data releases next week.

Analysts estimated that crude oil prices for the next trade is projected to rise to expectations of production cuts in OPEC and Russia. However, it should be observed strengthening of the US dollar and increased US production could depress prices

[myregister]

Oil prices slumped ion Asian session, triggered by signs that the global fuel market remains swollen despite production cuts led OPEC crude oil has been more successful than expected.

 

Crude oil futures prices of West Texas Intermediate (WTI), the US fell 5 cents, or 0.09 percent, to $ 53.81 per barrel. Brent crude futures traded at $ 56.64 a barrel, down 6 cents, or 0.11 per cent compared to the previous closing.

 

Organization of Petroleum Exporting Countries (OPEC) and other producers including Russia has agreed to cut production by nearly 1.8 million barrels per day (bpd) during the first half of 2017 in an effort to control the excess global fuel supply. There is broad skepticism that all manufacturers will actually make the cuts promised, but in accordance with the current reduction is estimated at about 90 percent

 

But because global oil demand is expected to increase to between 1.3 million barrels per day to 1.5 million barrels per day in 2017, OPEC efforts is the longer and deeper the cut. In the United States, OPEC faced with rising flood of shale production. In China, the OPEC leader Saudi Arabia has been overtaken by Russia as the largest oil supplier.

 

Analysts estimated that crude oil prices for the next trading may decline to concerns with the US and global production increases. But if optimism implementation of OPEC production cuts and the rise of Russia, will be able to lift prices. Crude oil prices potentially move in the support range between $ 53.30- $ 52.80

[myregister]

On Asia session it seems that Crude oil prices rose, and supported by the efforts of OPEC to cut production, but the increase in production elsewhere continued to depress prices.

US crude oil futures price of West Texas Intermediate (WTI) rose about 1 cent towards $ 52.94 per barrel. Brent crude futures, the international benchmark for oil prices, trading at $ 55.60 per barrel, up 1 cent or 0.02 per cent of their final closure.

Profits following a fall of 2-percent in the previous session. Both benchmark oil remains in a trading range of $ 5 per barrel since the beginning of the year. OPEC and other producers including Russia has agreed to cut production by nearly 1.8 million barrels per day (bpd) during the first half of 2017 in an effort to control the excess global fuel supply.

But these efforts have been undermined by rising production in the United States, where an increase in drilling activity mainly by shale oil producers have raised the overall production to 8.98 million barrels per day, up 6.5 percent since the middle of 2016 and to its highest level since April then.

Traders also pointed out that even the OPEC compliance of 90 percent, and a lower level of non-OPEC members, manufacturers must accelerate their decline in the coming months to achieve the target average daily deal reduction for the first half of this year.

[myregister]

Oil prices slumped in trading Wednesday (15/02) in the Asian session triggered by concerns that OPEC producers will not be able to maintain high compliance so far with production cuts aimed at curbing global fuel oversupply.

US crude oil futures price of West Texas Intermediate (WTI) fell 0.73 percent, at $ 52.83 per barrel. Brent crude futures traded at $ 55.62 a barrel, fall down around 0.63 percent, from the last closing.

Organization of Petroleum Exporting Countries (OPEC) and other producers including Russia agreed in December to cut production by nearly 1.8 million barrels per day (bpd) in the first half of 2017. Some traders said the oil field maintenance in the Middle East may help the group reach production cuts.

But overall, analysts said the oil market remains good despite OPEC cuts led, in part due to a rise of 6.5 percent in US oil production since the mid-2016 into 8.98 million bpd.

Analysts estimated Crude Oil price for the next session could potentially fall because of the strengthening US dollar and pessimism compliance with production cuts. But if tonight weekly Crude Oil inventory data realized, it willl raise the price. Crude oil prices potentially move in between the range of $ 52.30- $ 51.80.

[myregister]

Crude oil prices edged higher in trading on Friday (17/02) in the Asian session, lifted by reports that the producer group OPEC may extend production cuts aimed at curbing global fuel oversupply.

US crude oil futures price of West Texas Intermediate (WTI) rose 8 cents, or 0.15 percent, to $ 53.44 per barrel. Brent crude futures traded at $ 55.77 a barrel, up 12 cents, or 0.22 percent of their final closure.

Organization of Petroleum Exporting Countries (OPEC) and other producers including Russia plans to cut production by nearly 1.8 million barrels per day (bpd) during the first half of 2017, and estimates show the OPEC compliance was around 90 percent. To help balance the market, OPEC source told Reuters that the supply reduction pact may be extended if all the major manufacturers showed "effective cooperation".

Analysts estimated that for the next session the price of Crude Oil is projected to rise since because optimism of the production continuation cuts. Crude oil prices potentially move in the resistance range between $ 54.00- $ 54.50.

[myregister]

US crude oil price rose nearly 1 percent on Thursday after a data released by an industry group showed a surprise fall in US crude inventories as imports fell, lending support to the view that the global glut ends.

US crude futures April contract West Texas Intermediate rose 49 cents, or 0.91 percent, to $ 54.08 per barrel. Brent crude futures rose 49 cents, or 0.88 percent, to $ 56.33 per barrel. 

Crude inventories fell 884,000 barrels in the week to 17 February to 512.7 million, compared with analyst expectations for a gain of 3.5 million barrels, data from industry group American Petroleum Institute showed on Wednesday. Tonight will be released official data from the Department of Energy Information Administration (EIA), the US is expected to decline.

Analysts estimated crude oil prices for the next trade will rise with the report showed a decline in weekly US crude inventories. Likewise, if tonight EIA data showed a decrease in weekly inventories, will strengthen crude oil. The price potentially move in between resistance range of $ 54.50- $ 55.00.

[myregister]

Crude oil prices rose on Monday, with the optimism that the global oversupply began to subside, and with another forecast increase in US inventories was the smallest for several months.

West Texas Intermediate rose 0.1 percent to $ 54.04 per barrel. While the price of crude oil of Brent rose 0.2 percent to $ 56.09 per barrel, oil prices fell on Friday after the US Energy Information Administration data showed US crude inventories rose for the seventh week in a row.

But the market has been supported in a tight range of $ 4 to $ 5 in November, when the Organization of Petroleum Exporting Countries (OPEC) and other producers agreed to cut production. The International Energy Agency puts the average OPEC compliance at a record 90 percent in January, and based on the average of a Reuters survey of production, is in 88 percent.

Money managers raised long positions in US crude oil net and preferred positions in the week to February 21, to a record high, according to data going back to 2009 levels at least, the Commodity Futures Trading Commission (CFTC), the US, said on Friday.

Analysts estimated Crude Oil price for the next session may rise if production cuts continue to rise. Crude oil prices potentially move in the resistance range between $ 55.00- $ 56.00.