Oil prices shrug off U.S. record

Goldman Sachs now estimates Brent will reach US$75 a barrel over the next three months and will climb to US$82.50 within six

Sure enough, the boost to prices from OPEC's strategy has invigorated USA output, which surged to a 47-year high of 10 million barrels a day in November.

Crude for March delivery rose 18 cents, or 0.3 percent, to $64.91 a barrel after ending the last session up 0.4 percent.

USA crude oil production in November surpassed 10 million bpd for the first time since 1970, and neared the all-time output record, the Energy Information Administration said on Wednesday.

In recent weeks we have been on tour, presenting our six-month proprietary outlook, and have been highlighting the case of another 100 million barrels - this time via the cumulative drop in Saudi crude exports over the a year ago. Investors have been wary that a bullish tone to 2018 so far would bring shale oil drillers back into play, and the US government has reported that total production bested Saudi Arabia already late past year. For instance, according to the Energy Information Administration, U.S. crude stockpiles have declined for the past 10 consecutive weeks and are now at their lowest level since 2015. That also gives USA shale producers more opportunity to lock in profits on their own production.

The investment bank said it believed the oil market was now more balanced after the United States shale rush of 2014-16 oversupplied the market and saw crude prices drop below $30 a barrel in January 2016. The country exported nearly 3.5 million bpd from the south, the outlet for most of its crude, in a slight decline from December's record high.

"I don't think it's durable, that suddenly we see oil and the S&P attached at the hip". On the other hands, oil refineries processed an average of 16 million barrels of crude oil last week down from 16.5 million in the previous week. My prediction is, the bull run in crude oil is not over and the price could reach $70 a barrel soon.

Narendra Modi urges opposition to pass Triple Talaq Bill
The economic survey is all set to present before the house today with the commencement of budget session today. Union Finance Minister Arun Jaitley will announce the budget in the Parliament on Feb 1.

Goldman boosted its six-month price target by a third on Thursday to US$82.50 a barrel.

Nonetheless, forecasters are predicting prices will return to levels considered unthinkable during the downturn, despite the USA supply.

Tight oil production can be sensitive to changing oil prices. Production in North Dakota was 1.18 million b/d.

Libyan crude exports peaked in October, before geopolitical tension in the region scuppered production once more.

Most crude exports leaving the U.S. Gulf are passing through the Caribbean anyway before sailing for Asia or Europe.

With the oil market much more precariously balanced than it was just six months ago, geopolitical events and supply outages are having a much more profound impact on the oil market.

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