Economy

Crude Oil Price Rises By 3%

Crude Oil Price Rises By 3%

While OPEC is cutting back to alleviate price pressures, USA fracking companies could jump to capitalize on the windfall as crude oil prices jump back above $50 per barrel - according to some estimates, shale oil producers can get by with oil at just over $50 per barrel due to advancements in technology and drilling techniques that have helped cut down costs.

MSCI's Asia ex Japan index was flat after posting modest gains in the previous session.

USA crude oil production climbed for the 12th straight week for the seven days ended May 5 and reached its highest level since mid-2015 at 9.3 million barrels a day, according to Commerzbank analysts.

Calling on USA to join in the rebalancing of global oil market, OPEC said "a large part of the excess supply overhang contained in floating storage has been reduced and the improvement in the world economy should help support oil demand". "The answer is absolutely yes because we are going into a deficit market", Currie said at the S&P Global Platts Global Crude Summit in London on Wednesday.

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"The market has been able to absorb a lot of geopolitical news, but one of these days we'll have a big geopolitical event and we'll have a big reaction to that". Refinery utilization rates USOIRU=ECI fell by 1.8 percentage points.

Traders said Comey's firing could lead to serious complications for the administration, but without a "smoking gun" that showed Comey's firing was motivated by something other than Comey's handling of a probe into then-Democratic presidential nominee Hillary Clinton, there was likely to be limited market reaction. "And it seems to be fairly muted right now".

The dollar fell 0.1 percent against a basket of major currencies after slipping on the view that political uncertainty could derail Trump's tax reform plans.

But some market analysts pointed out with market volatility indicators hitting record lows - the VIX indicator fell overnight to 9.56, its lowest since late 2006 - the likelihood of a large move in financial markets has grown. The safe-haven Swiss franc rose against the dollar to a almost one-month high.

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While U.S. oil inventories fell, the country's oil production continued to rise, jumping above 9.3 million bpd last week, in what is now a more than 10 percent increase since its mid-2016 trough.

Gold rose 0.2 percent to $1,223 an ounce. The index hit its highest since August 2015 on Tuesday.

Athens and its creditors reached a deal this month on reforms that could trigger the release of more rescue funds.

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