Oil Prices To Remain In USD40 To USD60 Range In 2018 - Moody's

Oil posts strongest year opening since 2014; Iran unrest pushes up crude

Reversing crude oil cycle is bad for India

Despite the fact that Russia is cutting its oil production as part of OPEC and allies' deal to restrict global oil supply, Moscow's average daily crude oil production inched up again in 2017, to a 30-year-high of 10.98 million bpd, according to Russian Energy Ministry data.

Brent Crude futures rose 41c to 66.57 bbl.

Anti-government protests in Iran have fueled uncertainty in the global oil market.

U.S. West Texas Intermediate (WTI) crude futures settled at $60.42, the highest close since June 2015.

Brent crude futures, the worldwide benchmark, were down 53 cents, or 0.8 per cent at $66.34 a barrel.

Russian Federation said it would cut its output by 300,000 bpd from the 30-year monthly high of 11.247 million bpd hit in October 2016 and achieved the targeted cut by the second quarter.


Some analysts think Friday's crude gains will evaporate sooner than later: "The current highs are unsustainable in the short-to-medium term, with prices likely to head back below $60 once we get past January", stated JBC Energy GmbH.

Oil prices have lost ground in the days following last week.

Iran, OPEC's third-biggest oil producer, pumps around 3.8 million barrels per day.

Protesters also attacked police stations elsewhere in Iran late into the night on Monday, news agency and social media reports said.

Moody's believes North American exploration & production companies, after strong capital investment in 2017, will aim for profitable growth within existing oil acreage and cash flow in the new year, with improvement favouring companies with the greatest exposure to the best acreage and producers in the Permian Basin leading the way.

Oil markets have been supported by a year of production cuts and strong demand from China.

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