Crude Oil Price News and Forecast: WTI holds above $58 in Asia after snapping six-day losing streak
|US oil output growth could decelerate by more than 50% next year
US oil output growth could decelerate by more than 50% next year due to capital discipline or austerity in the Permian Basin, America’s shale-oil engine, according to the U.S. Energy Information Administration (EIA).
Key points: "Supply to grow less than half a million barrels a day in 2021. Output is seen reaching 13.7 million barrels a day next year. Production is set to expand by 4."
WTI holds above $58 in Asia after snapping six-day losing streak
West Texas Intermediate (WTI) oil is trading above the $58 handle in Asia. The black gold witnessed two-way business on Tuesday and ended the day with marginal gains, snapping the six-day losing streak – the longest since October.
Surprise US inventory buildup
The American Petroleum Insitute (API) on Tuesday reported an oil inventory estimate of 1.1 million barrels for the week ending January 10, contradicting analyst expectations of a 474,000-barrel draw in inventory.
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