Prices near 17-month highs

摘要

Oil prices climbed on expectations that Opec will cut output this year. But higher drilling activity in the US could undermine the gains. Atlantic basin crude benchmark North Sea Dated broke above $55/bl on 28 December for the first time since July 2015, before settling at $54.84/bl on 5 January, up by 71￠/bl from 22 December. US marker February WTI rose by 81￠/bl to $53.76/bl, while Mideast Gulf benchmark March Dubai gained $1.36/bl to $54.02/bl. All three grades hit 17-month highs between Christmas and the new year. EIA data released on 5 January showing a US stockdraw of more than 7mn bl in the week to 30 December added further support, although inventories at the WTI delivery point of Cushing, Oklahoma, increased by 1mn bl.