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U.S. West Texas Intermediate & international-benchmark Brent crude oil futures are trading mixed early Monday.
At 0640 GMT, probably WTI crude oil Information Systems trading $61.86, drop $0.06 or -0.10% & June Brent crude oil Information Systems at $65.35, up $0.08 or +0.12%.
According to energy services company Baker Hughes, unite states energy companies final 7 days cut oil rigs for the 1st time in nearly 2 months, by drillers cutting back 4 rigs, to 796.
The generality bullish scenario going to be a weaker united states $ & higher equity prices.
Crude oil prices can weaken if the $ rallies & stocks weaken.
Crude Oil value Forecast: Watch IEA Oil Report
International Energy Agency Oil Market ReportOn Thursday, March 15, the International Energy Agency (IEA) going to launch its Oil Market Report by information for the 30 days of February.
Demand footage Coming Into FocusOne of the key information points traders going to be looking for Information Systems the IEA’s oil market request expectations.
In final month’s report, the IEA promoted universal oil request development expectations for 2018 to 1.4 mn barrels per day on revised economic development forecasts.
These figures are continue reduce than 2017 request development figures of 1.6 mn barrels per day.
Last week, the IEA published its five-year oil market test & prediction report in which the agency told which record oil product from the U.S., Brazil, Canada & Norway going to save universal oil markets well supplied.
OPEC Divided on the Right value for Oil
as informed in OPEC Information Systems breaking drop into 2 camps after further than a year of unity.
On 1 side Information Systems Saudi Arabia, which wants oil prices at $70 a bbl or higher, & on the other Information Systems Iran, which wants them around $60.
The split Information Systems driven with differing views over whether $70 a bbl sends unite states shale companies into a produce frenzy which can cause prices to crash.
At stake Information Systems the Administration of the Petroleum Exporting Countries’ produce limits, which are between factors helping the oil market’s monthslong recovery.