November 1, 2017
Crude oil cruises to highest level since mid-2015
© Reuters. Crude oil cruises to highest level since mid-2015
- Crude oil surges to its highest levels since mid-2015, as new data shows OPEC has significantly improved compliance with its pledged supply cuts.
- A Reuters survey says OPEC’s October production fell by 80K bbl/day to 32.78M bbl/day, meaning compliance to the cartel’s pledged supply curbs was 92%, up from 86% in September.
- Analysts and traders also expect Russia to stick to its agreement to curb its oil output by 300K bbl/day from 11.247M bbl/day reached in October 2016.
- Also helping: U.S. crude stockpiles fell by 5.1M barrels and gasoline supplies slid by 7.7M barrels last week, according to the latest data from the American Petroleum Institute.
- At last check, U.S. WTI +1.2% at $55.02/bbl, and Brent +1% at $61.55/bbl, helping boost the Energy Select SPDR ETF +1.3%.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, DWT, ERX, SCO, OIH, BNO, DBO, ERY, DIG, DTO, BGR, USL, FENY, DUG, IYE, FIF, DNO, OLO, RYE, SZO, PXJ, FXN, OLEM, CRAK, DDG, NANR, OILK, WTIU, OILX, WTID, USOI, JHME, ERYY, FTXN, ERGF
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