Oil mixed, dollar backs off two-month high

Economies.com
2018-10-16 17:24PM UTC

Oil futures were mixed in American trade as the dollar index plumbed September 27 lows, following earlier data from China, the world's largest energy importer, and the US, the world's largest consumer. 

 

As of 04:50 GMT, US crude futures due in November fell 0.06% to $71.74 a barrel, while Brent December futures inched up 0.24% to $80.97 a barrel, as the dollar index shed 0.05% to 95.01 away from August 20 highs. 

 

Earlier Chinese data showed consumer prices rose 2.5% as expected, the fastest such pace in seven months. 

 

Producer prices rose 3.6 y/y, the slowest such pace in five months, and missing estimates of 3.7%. 

 

Earlier US data showed industrial output rose 0.3% in September, slowing down from 0.4%, while the Capacity Utilization Rate stood at 78.1%, same as before and below estimates of 78.2%. 

 

OPEC General Secretary Muhammad Barkindo expects Indian oil demand to increase 3.7% by 2040 to 5.8 million bpd, representing 40% of global demand growth, while adding the oil sector requires investments of up to $11 trillion to meet future demand on oil. 

 

He noted that many consumers expressed concerns over supply shortages, as OPEC and allies continue to cut output according to a recent deal, while US sanctions Iranian exports. 

 

Otherwise, Saudi oil minister Khalid Al Falih asserted Saudi Arabia stands ready to fulfill Indian demand, noting that current production stands at 10.7 million bpd, with expectations of further increases next month. 

 

Iraqi oil minister Jabbar Alluaibi also said Iraq intends to raise output to 4 million bpd in the first quarter of 2019, adding that current exports stand at 3.62 million bpd, the highest ever. 

 

US Oil Rig Count 

 

Baker Hughes, a US services company, reported an increase in the oil rig count to 869 rigs, the first such addition in four weeks.

 

US output rose recently to 11.2 million bpd, almost surpassing Russia's 11.21 million bpd. 

 

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