(Nov 4): Global benchmarks for oil are near their highest levels since mid-2016. The generic Brent futures quoted on Bloomberg broke the US$60 mark and traded at a high of US$61.37 a barrel on Oct 31, before easing to US$60.49 on Nov 1. Brent is up more than 35% from its lowest levels in June and has traded at an average of US$53 this year. West Texas Intermediate futures rose nearly 30% from their lows in June to close at US$54.30 on Nov 1.
US crude oil exports are at an all-time high, crossing the two-million-barrels-a-day mark for the first time in October. US commercial crude oil stocks were down 2.4 million barrels to 454.9 million barrels for the week to Oct 27, according to the Energy Information Administration. This was despite a 46,000-barrel-a-day increase in production to 9.6 million barrels a day, raising US crude output 13% above its levels in mid-2016.