Oil in Global Economy Series: Key oil market updates

While the oil market continues to focus on supply/demand fundamentals, these are some key updates that you need to keep a tab on,

• U.S. oil rig count: The United States has already proved to be a major influencing factor in the global oil market as production reached 9.54 million barrels per day before declining sharply over the impacts of Hurricane Nate. However, the production has recovered equally fast and is currently at a record high of 9.62 million barrels per day. To keep a tab on U.S. oil supplies, one needs to keep oneself updated on the numbers of oil rigs operating in the United States. As of latest report, the numbers of operating rigs have risen to 738, from 729 in the previous week. The number of rigs declined by more than 4 percent since August.
   
• Saudi Arabia’s and the Middle East: The tensions in the Middle East continue to rise as Bahrain and Saudi Arabia blames Iran for the recent pipeline blast. Meanwhile, Lebanon’s President questioned Saudi Arabia as Prime Minister Harari failed to return to Lebanon after announcing his resignation while in Saudi Arabia.
   
• Venezuela: Venezuelan oil production and supplies could get affected this week as the country is on the verge of a default.

Key global oil benchmarks:

WTI - $56.8/barrel

Brent - $63.5/barrel

OPEC basket - $61.7/barrel

Urals - $62.5/barrel

Oman - $62.2/barrel

Dubai - $61.6/barrel

Western Canada Select - $42.4/barrel