Saxo Bank: Brent oil price to be $55 per barrel at year-end

Saxo Bank: Brent oil price to be $55 per barrel at year-end

During a month following the disaster, gasoline and diesel fuel reserves in the U.S. declined by 24 million barrels. Additionally, it materialized on visibly lower volume than the earlier decline, which increases doubts about oil bulls' strength and a further rally.

The price of barrel of oil reached highest level since July 2015, following a non-Muslim referendum on Monday, OPEC meeting and Iraqi Kurdish Regional administration (IKBY) after 59.18 billion. "Any weakness in oil prices is thus likely to be short-lived", said Fawad Razaqzada, market analyst at futures brokerage "That's all feeding in here to generating some downward pressure", John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by telephone.

After hitting over $58 per barrel, Brent crude oil, the global benchmark of the commodity, fell to around $56 p/b at the end of Monday's U.S. trading session.

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United States crude oil production inched up last week to reach 9.55 million barrels a day slightly under its 2015 peak, and Baker Hughes said on Friday that the number of rigs looking for oil in the USA rose for the first time in a month to as the impact of hurricanes Irma and Harvey continue to fade.

A survey conducted by Reuters also found that overall output from the oil cartel improved.

Beyond short-term market drivers, analysts at Barclays bank said oil demand could be seriously dented by improving fuel efficiency and the rise of electric vehicles (EV). Markets, meanwhile, are brushing off reports that production is down at the largest oil field in Libya, which is exempt from an effort led by the Organization of Petroleum Exporting Countries to balance the market because of national security concerns.

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US crude imports fell last week by 706,000 barrels per day. Gasoline supplies rose by 4.91 million barrels last week, the American Petroleum Institute was said to report.

Fitch said global inventories of both crude oil and refined products remain well above historical averages. The global benchmark crude traded at a premium of $5.15 to December WTI. The U.S. benchmark posted its strongest quarterly gain since the second quarter of 2016.

The consensus among the major US and worldwide energy agencies is that consumption of crude oil will remain strong through the rest of 2017 and 2018.

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