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Further price moves up (Brent: $58.27)

Oil prices made further advances yesterday on a variety of bullish factors including U.S. Deputy Secretary of State Anthony Blinken saying that the U.S. is expediting arms supplies to anti-Houthi coalition.

EIA lowered its forecast for 2015 U.S. crude oil production growth from 700,000 bpd previously to 550,000 bpd. 2016 U.S. crude oil production growth was also lowered from 140,000 bpd previously to 80,000 bpd. Furthermore, EIA raised its forecast for 2015 growth in global oil demand by 60,000 bpd to 1.04 mil bpd with U.S. oil demand growth in 2015 projected at 330,000 bpd against 310,000 bpd previously. Similarly, EIA raised its estimate of 2016 growth in global oil demand by 60,000 bpd to 1.11 mil bpd with 2016 growth in U.S. oil demand estimated at 90,000 bpd against 70,000 bpd previously.

This morning however, U.S. API weekly crude stocks was shown to have risen by more than expected last week as crude stocks rose 12.2m bbls, beating expectations of 3.0m bbls and preceding week's build of 5.2m bbls. The official EIA data will be released later today at 14:30 GMT. In the other major data of note today, the U.S. FOMC is releasing its minutes at 18:00 GMT.