Brent crude oil dips but remains near 70 dollars a barrel

Brent crude oil dips but remains near 70 dollars a barrel

Oil prices ended higher on Wednesday ahead of the release of US petroleum data that was expected to show a ninth straight weekly drawdown in crude inventories.

USA crude inventories fell by 5.1 million barrels in the week ended January 12 to 411.5 million, according to the American Petroleum Institute on Wednesday. Both were delayed by a day due to the U.S. Martin Luther King Jr.

They include unprecedented high conformity levels among the 24 participating nations in terms of the production adjustments, strong oil demand growth, and slower than anticipated growth in US tight oil supply.Barkindo said: "It is worth emphasizing the global importance and impact of the various historic decisions reached in 2016 that have led to the improving market conditions of today."The broad consensus is that the market would be in a much more hard situation without the "Declaration of Cooperation". Several analysts this week raised their expectation for 2018 prices on the back of the rally. MCX Crude oil futures closed at Rs 4084 per barrel yesterday, flat on the day after hitting highs near Rs 4100 levels. The firm expected flows from hedge funds to keep prices elevated - even though it saw prices retreating later in the year.

So Brent crude futures fell 54 cents, to 69.72 dollars per barrel.

More news: Turkey says US 'inconsistent' on Syrian border force

Traders said prices had been pushed up after reports that Nigeria's militant group Niger Delta Avengers threatened to launch attacks on the country's oil sector in the next few days.

For oil producing countries, there are many other things to focus on in an industry that, for the time being at least, appears to be robust: Yannis Bassias, chief executive of Hellenic Hydrocarbons Resources Management, told Reuters that tenders for offshore oil and gas exploration and exploitation west and south of Greece have attracted "strong interest" from companies exploring in the Mediterranean.

On Tuesday, the EIA said it expected USA oil output to increase in February, with production from shale rising by 111,000 barrels per day (bpd) to 6.55 million bpd.

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