MTECHTIPS;-Crude Firmly Above $60 Levels

MTECHTIPS;-Crude Firmly Above $60 Levels

MTECHTIPS-Crude oil prices continued to surge on the final trading day of the year, despite news that Libya’s damaged pipeline will get back online in January. Traders assessed Baker Hughes data showing the US rig count fell last week, and Canadian rigs dropped sharply. West Texas Intermediate oil for February closed up 58 cents, or 1%, at $60.42/bbl. It was the first time oil finished above $60 since 2015. Crude oil prices rose after EIA inventory data showed raw material stocks shed 6.5 million barrels compared with a 3.48 million draw expected by the markets, while gasoline storage added 1.24 millionlast week, a smaller build than the 1.73 million median forecast. The report also showed that gasoline inventories rose by 1.2 million barrels, compared to expectations for an increase of 1.9 million barrels. For distillate inventories including diesel, the EIA reported an increase of 769,000 barrels. Oil prices had been supported in recent session after the North Sea Forties pipeline was unexpectedly shut down last week, reducing local supplies. On the other hand, a U.S. government forecast published on Monday warned that shale production will be rising to record levels in January. Fears that rising U.S. output would dampen OPEC’s efforts to rid the market of excess supplies have been recently weighing on sentiment, according to market participants

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