No let-up in crude prices before March

No let-up in crude prices before March

On the data front, the number of rigs operating in US oil fields rose by 10 to 752 this week, the biggest increase since June, oilfield service firm Baker Hughes said in its weekly report on Friday.

Crude oil futures slipped from 3-year highs Friday, as traders booked profits from a furious rally inspired by a weak dollar and hopes the global market will re-balance this year. U.S. production fell 2,90,000 barrels per day to 9.5 million bpd, the EIA said, foiling expectations of United States output breaking through 10 million bpd.

More immediate price support came overnight from the United states, where crude inventories fell nearly 5 million barrels in the week to January 5, to 419.5 million barrels.

In its previous forecast, issued a month ago, the EIA saw production growth of 780,000 b/d in 2018.

Import and Export Prices for December will be issued at 8.30 am ET.

U.S. assures Pakistan of no unilateral military action
The two generals did however find common ground and spoke of the need for continued cooperation in the ongoing war on terror. USA officials have given no assurances that as much as $1 billion in aid would resume.

Indiana Pacers vs. Cleveland Cavaliers - 1/12/18 NBA Pick, Odds, and Prediction
LeBron James and the Cavaliers got blown out again on Thursday night. "Coming out in the third, we were just walking around". In the meantime, the Cavaliers can't just wait for the turnaround to happen, because it has happened so many times before.

Exemption granted for girl, 11, to use medical marijuana at Schaumburg school
Her parents say there were side-effects to the chemotherapy and other medical treatments that brought on seizures. Jack died in 2016 at the age of 15 after he helped usher in the change in his state's medical cannabis rules.

USA shale is expected to continue to counteract OPEC production cuts this year. That was also close to the previous day's high of $69.37 a barrel, which was the highest level since an intra-day spike in May 2015 and, before that, in December 2014.

"The only relief in the foreseeable future could be if U.S. production picks up even more than its current level".

With global oil prices solid at the moment and expected to rise, the 11 million barrels a day forecast is ominous for the buoyant oil market and OPEC in particular which may be forced to extend is production cap past the end of 2018 and well into 2019.

The IEA warned that mostly due to USA shale, total supply growth could exceed demand growth. At the same time, Venezuela's economic and political crisis continued to wreak havoc on its production capacity, with production falling to levels not seen since 2002. The EIA says it will account for two thirds, or 800,000 b/d of the 1.2 mb/d of oil production growth expected between December 2017 to December 2019. The agency increased its demand estimates for 2018 to 470,000 bpd from 410,000 bpd.

"Inventories ended 2017 9.3 percent above the five-year average, a stark contrast to the 35.6 percent surplus seen at the end of 2016", Oil Futures Editor Geoffrey Craig said in a statement emailed to UPI. Since mid-July, Saudi, the largest producer pledged to lower crude oil exports. This is the first STEO to forecast through 2019 and it contains updates for 2018 forecasts. Some observers have argued that the vast majority of the production increase has been in the form of natural gas liquids or condensates - lighter hydrocarbons that include propane and butane when refined.

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