US Crude Oil Inventories Have Fallen ~10.6% in 2017

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"Market participants expect OPEC to extend the production cuts beyond March 2018 and stocks to decline further", analysts at Commerzbank said, noting, however, that "the higher price level should lead to a further rise in US shale oil production".

At the same time, speculation is rising that American drillers will put more rigs to work next year as oil strengthens.

The US Energy Department said crude stocks fell 4.6 million barrels in the latest week.

Although U.S. shale drillers are now exhibiting restraint, speculation is rising that they will put more rigs into operation next year as oil strengthens: Gene McGillian, a market research manager at Tradition Energy, pointed out that "With that partially offsetting production cuts by OPEC and Russian Federation, the market will have to get confirmation that global inventories will keep coming down".

According to the source, the price for February Futures WTI oil increased by 0,74%, totaling to $60,28 per barrel on the New York Mercantile Exchange (NYMEX).

Heavy crude oil price in the same period increased by 52 cents and surged to $61.01 per barrel.

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This week, WTI broke above $60 a barrel for the first time since June 2015, while Brent breached $67 for the first time since May 2015. Inventories declined 1% week-over-week and 54.2 MMbbls or 11.15% year-over-year.

USA oil production, which has risen more than 16 percent since mid-2016, is expected to surpass 10 million bpd next year, some analysts said.

OPEC cuts kicked off last January and are scheduled to continue throughout 2018.

In the most recent week, United States production dipped modestly to 9.75 million bpd from 9.79 mln bpd the previous week.

Libyan oil supplies were disrupted by an attack on a pipeline this week and flows towards the port of Es Sider were reduced by about 70,000 bpd today.

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