Oil Prices Edge Higher While on Track to 2nd Weekly Loss


   
Karim Bastati
DTN Analyst

   VIENNA (DTN) -- Oil prices rose Friday (11/7) morning but were still on 
track for weekly losses as oversupply concerns continued to dominate market 
sentiment.

   The NYMEX WTI contract for December delivery rose $0.50 to $59.93 bbl, and 
ICE Brent for January delivery advanced $0.42 to $63.80 bbl.

   December RBOB gasoline futures edged up $0.0060 to $1.9716 gallon, and 
front-month ULSD futures rose $0.0422 to $2.5383 gallon.

   The U.S. Dollar Index was down 0.110 points to 99.475 against a basket of 
foreign currencies.

   Brent and WTI are down more than 1.5% this week on growing signs of ample 
supply against a backdrop of weak demand growth.

   Crude prices received some support from Chinese customs data released late 
Thursday showing the country's crude imports in October surged 2.3% from 
September and were up more than 8% year-on-year. While part of that was driven 
by higher demand, some of the volumes were also bound to land in the country's 
steadily growing crude oil stockpiles.

   On Wednesday, Saudi Aramco cut its official selling prices for December 
deliveries to Asia by $1.2 bbl for Arab Light and $1.4 bbl for medium/heavy 
grades. The move was to keep Aramco competitive in a well-supplied market.

   While eight OPEC+ members agreed to pause output hikes in the first quarter, 
they still approved a 137,000-bpd increase for December that brought to 2.9 
million bpd cuts they had unwound since April.

   In the U.S., commercial crude oil inventories expanded by 5.2 million bbl 
last week, Energy Information Administration data showed Wednesday. WTI's 
backwardation eased further in response to ample supplies, with the contract's 
prompt spread closing at an eight-month low $0.13 bbl Thursday.




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