Crude oil rises above $60, first time since 2015

Southeast Asia's net crude oil imports will more than double to 5.5 million bpd by 2040 as the region adds new refining capacity to meet rising demand while regional oil output falls, according to the International Energy Agency (IEA).

The U.S. Energy Information Administration reported that crude inventories rose by 856,000 barrels in the week to October 20.

Oil prices have gotten a boost this month from geopolitical tension and expectations that OPEC and other oil exporters will extend a deal to limit their oil output.

Crude shipments to Turkey from northern Iraq, the second-largest producer in Opec, have declined after Iraqi government forces took back the city of Kirkuk last week after a Kurdish referendum on independence. OPEC is said to be working on an exit strategy in an effort to reassure investors that the group will manage a controlled release of supplies to avoid a new glut when the curbs eventually expire.

Oil prices declined, with Brent crude futures falling 23 cents to $58.10 a barrel and U.S. West Texas Intermediate crude off 45 cents at $52.02 as of 1:36 p.m. EDT (1736 GMT). Total volume traded was about 46 percent below the 100-day average.

This is coming just as the World Bank released its forecast that Oil prices to rise to $56 per barrel in 2018 from $53 this year as a result of steadily growing demand, agreed production cuts among oil exporters and stabilizing US shale oil production, while the surge in metals prices is expected to level off next year. "Initially, it was thought to be related to the hurricane, but to me it's becoming a little more structural".

The EIA data showed gasoline and distillate inventories both fell by more than 5 million barrels, and refinery utilization rates rose 3.3 percentage points.

"The exports are ripping higher", Loewen said.

The spread, or difference, between Brent and WTI means US oil is more competitive against other benchmarks in some markets.

Global inventories remain above the five-year average with USA crude adding to existing stockpiles.

TransCanada Corp said in a filing on Thursday that it is seeking to raise the temporary discounted spot rate for light crude on its 700,000 barrel-per-day Marketlink pipeline.


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