Business

Azerbaijani minister: oil prices may go higher in 2017

Azerbaijani minister: oil prices may go higher in 2017

Benchmark Brent crude oil was down 29 cents a barrel at $56.17 U.S.as the clock approached noon ET, off a session peak of $57.35 U.S.

The official figures come after the American Petroleum Institute (API) reported late Wednesday that US crude inventories fell 7.4 million barrels at the end of last week, well beyond the 1.7 million barrels drop seen.

Figures released Thursday by the Energy Information Administration showed USA crude inventories fell by 7.1 million barrels in the week through December 30 as refineries boosted output.

For the last week of 2016, EIA reported an average daily refinery throughput of 16.7 million barrels of crude, with gasoline production at 9.5 million barrels, down from the previous week's 10.5 million barrels.

Still, the country's oil stocks remain full, the U.S. Department of Energy reported on Thursday, at nearly 480 million barrels, or at the high end of normal.

2017 Energy Outlook: 4 Must-Follow Sectors For Investors

So-called "tax mitigation strategies meant crude cargoes remained offshore, rather than being brought onshore, where they would be taxed", he explained.

Brent recouped earlier losses yesterday and jumped above US$55 a barrel and WTI climbed over US$53, but how long this rally will last is questionable, even though EIA's figures are in tune with API's.

But rising output from Libya, a member of OPEC that wasn't included in the pact, has been a concern and the latest EIA report showed a more than 1 million-barrel rise in crude stocks at Cushing, Okla., the nation's storage hub.

Crude oil prices were falling on Thursday after a big increase in domestic fuel stockpiles offset a major decline in commercial crude inventories. Reports on supplies this week were delayed by a day because of the New Year's Day holiday.

Adam Gase: Tannehill must practice to play vs. Steelers
Roethlisberger had surgery on the knee the week after the game, missing the following game against the New England Patriots. Despite Sunday's drubbing, and despite being outscored and outgained this season, the Dolphins are sounding confident.


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