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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil prices continue to swarm around $52 on mixed news

07 Aug 2017 07:55 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

Upbeat U.S. job data and declining oil rig count sent oil prices slightly upwards on Friday and, at the time of writing, Brent oil price is around $52.2.

The weekly oil rig count from Baker Hughes on Friday showed a drop of 1 active drilling rig last week. After months of steep increases in the number of rigs in the U.S., the curve now seems to have lost steam.

U.S. employment data on Friday pointed to improved job situation in the country. This is mixed for oil prices, as more people with a job could mean increased oil consumption (driving etc.), but also increases probability of an interest rate hike by the Fed which could dampen consumption.

Today, a row of OPEC and non-OPEC oil producers meet in Abu Dhabi to discuss the level of compliance to the current oil production cut deal. It is a two-day gathering - bits and pieces of news and comments from the gathering could give some market jitters. Especially, the recent rise in production of Libya and Nigeria - both exempt from the production cut agreement - could cause additional interest.

All in all, we are heading into another exiting week in the oil market!



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.




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