Latest Crude Oil News And Fundamentals:
Pipeline blast in Libya combined with a bullish Saudi budget forecast boosted crude prices to levels not seen since mid-2015.
Waha production was at 260,000 barrels a day, said a person familiar with the situation. The explosion “is a big thing” that could push prices higher still amid a tighter supply picture, said Bob Yawger, director of futures at Mizuho Securities USA Inc. in New York.
At the same time, Saudi Arabia is said to expect its first budget surplus in a decade, according to people with knowledge of the matter. Under a six-year program to balance the budget, officials predict rising prices and expanded output will push income from oil sales to 801.4 billion riyals ($214 billion) from 440 billion riyals this year, the people said.
As the year comes to a close, focus will also be on the restart of the Forties Pipeline System in the North Sea. Repairs of the pipeline at Red Moss, Scotland are now mechanically complete and a small number of customers are now sending oil and gas through the pipeline at low rates, the company said Monday. The pipeline should be back to normal rates early in the new year.
Crude Oil Forecast and Technical Analysis
Although the latest fundamentals are pointing out a bullish direction on Crude Oil prices; increasing US production limits the gains.
Technical levels and the direction: