U.S. West Texas Intermediate and internationally-favored crude oil futures are trading higher for the week as investors prepared for the release of weekly inventories data from the U.S. Energy Information Administration (EIA) on Thursday.
Oil prices rose for a third day on Wednesday as OPEC forecast higher demand for 2018 and on heightened tensions in Kurdistan supported prices.
December WTI Crude Oil settled at $51.60 on Wednesday, up $1.95 for the week or 3.93% and January Brent Crude Oil closed on Wednesday at $56.73, up $1.37 for the week or 2.47%.
In addition to forecasting stronger demand for its oil in 2018, OPEC said production cuts by producing nations were cleaning up the global crude glut.
In other news, Saudi Arabia said it pumped 9.97 million barrels per day in September, up from August, but still below target.
Brent vs West Texas Intermediate
Traders are still watching the spread between Brent crude oil and WTI crude oil. The North Sea Brent benchmark last week hit its highest premium over WTI in two years, making U.S. crude increasingly competitive in foreign markets.
Last week, the EIA said crude exports jumped to 1.98 million barrels per day, surpassing the 1.5 million bpd record set the previous week. Traders said the jump in U.S. exports points to growing demand and the rising profile of the United States as a major supplier of crude and products around the world.
This week, the world’s second largest…