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Oil prices dropped more than 1 percent early on Friday as a bounce-back in U.S. production outweighed ongoing declines in crude inventories. If Friday’s fall lasts into the close, this week will see the biggest weekly price declines since October.
U.S. oil output is set for “explosive” growth this year as prices rally, potentially offsetting a further collapse in Venezuela’s production, the International Energy Agency said.
The IEA boosted its forecasts for non-OPEC supply growth this year by 100,000 barrels to 1.7 million barrels a day compared to last month’s report. It also warned 2018 could be a “volatile” year amid geopolitical uncertainties, not least the risks to Venezuela’s oil industry.
“The big 2018 supply story is unfolding fast in the Americas,” the IEA said in its monthly report. “Explosive growth in the U.S. and substantial gains in Canada and Brazil will far outweigh potentially steep declines in Venezuela and Mexico.”
Brent crude futures were at $68.81 a barrel at 10:08 am GMT, down 0.69 percent, from their last close. On Monday, they hit their highest since December 2014 at $70.37.
U.S. West Texas Intermediate (WTI) crude futures were at $63.48 a barrel, down 0.73 percent, from their last settlement. WTI marked a December-2014 peak of $64.89 a barrel on Tuesday.
On the technical charts, crude WTI is trading negative. The RSI is at 66.57 and the MACD has made a negative crossover below the signal line.
Sell digital Put options between 63.48 and 63.16, valid until 23:00 GMT January 19