Crude oil just hit $50 for the first time in 5 weeks

Crude oil just hit $50 for the first time in 5 weeks

WTI light sweet crude oil was up 40 cents at $49.84 a barrel, the highest in about a month.

Crude oil fell in Asia on Friday after tested an intermediate range ballistic missile over the Japanese island of Hokkaido and into the Pacific Ocean in the latest tit-for-tat with the USA and its allies for pushing United Nations economic sanctions, with investors looking ahead to the latest weekly US data.

The U.S. dollar index.DXY was down 0.2 percent against a basket of currencies, making oil cheaper for holders of other currencies.

This is published unedited from the PTI feed.

Chinese refineries processed 6.5% more crude oil in August than a year earlier at 47.12 million metric tons as domestic crude oil output fell 3.1% to 15.96 million metric tons, highlighting the role of imported crude oil.

"We don't expect a spike up in prices nor do we expect a big drop in prices".

"Outright benchmark crude prices gained in August, reflecting higher demand in the northern hemisphere and tight physical markets for oil products", the IEA said.

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"However, we believe that the news is largely backward-looking and mainly confirms what the timely and accurate official USA statistics had been revealing throughout the summer: strong fuel demand and declining crude oil storage".

Countries like France, China, India and Britain have disclosed plans to phase out petrol and diesel cars, which raised fears about the future of crude oil.

An Energy Information Administration report Wednesday showed USA gasoline stockpiles slid to 218.3 million barrels last week.

Geoffrey Craig, the oil futures editor for Platts, said markets will be tested by what could be a steady buildup in USA crude oil inventories.

In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.83 million barrels per day (bpd) of OPEC crude next year, up 410,000 bpd from its previous forecast.

The agency said global oil supply dropped 720,000 barrels a day last month from July, to 97.7 million barrels a day, largely due to those disruptions to U.S. production due to Hurricane Harvey and supply disruptions in Libya. If global supply is taken into account, global supply of oil fell in August by 720, 000 barrels per day.

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