Oil hovers around six-month high as U.S. stocks rise GlobeBusiness
A pump jack operates in front of a drilling rig owned by Exxon near Carlsbad, New Mexico, U.S. on Feb. 11, 2019.Oil prices hovered around six-month highs on Wednesday after data showing rising U.S. stocks countered fears of tight supply resulting from OPEC output cuts and U.S. sanctions on Venezuela and Iran.
“The focus will return today to the micro-picture of the U.S. data,” Petromatrix’s Olivier Jakob said in a note.The International Energy Agency, a watchdog for oil-consuming countries, said on Tuesday markets are “adequately supplied” and that “global spare production capacity remains at comfortable levels.”
U.S. West Texas Intermediate crude futures were at $66.16 per barrel, down 14 cents – not enough to steer them away from what is set to be their eighth week of gains. The United States has said it saw Saudi Arabia as a partner to balance oil markets. But some analysts said the market remained fundamentally bullish.“The factors that could lead to higher prices are overwhelming,” said Carsten Fritsch at Commerzbank, adding a push toward $80 a barrel was more likely than a fall below $70.
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