From Breaking News：Two-hundred and nineteen years to the day after the washing machine was patented, oil prices are continuing to spin around support at the $48 level. As buying interest returns today ahead of the weekly inventory data as a result of an output disruption in Libya, hark, here are five things to consider in oil markets today.

1) Yesterday we took a look at total Iraqi oil exports, and how they are continuing to show strength - indicating a lack of compliance with the OPEC production cut. As total exports rise, imports to the U.S. continue to push higher. Arrivals averaged 433,000 bpd in 2016 - almost double the volume seen in the prior year. Imports so far this year are averaging over 500,000 bpd.

Saudi Aramco's market value could now be over $1 trillion, courtesy of a canny little tweak by the Saudi government. The kingdom has just announced that it is slashing the tax rate for the petroleum industry from 85 percent to 50 percent ahead of an IPO for 5 percent of the company. The tax cut will increase Aramco's after-tax income by 300 percent - propelling their valuation higher.4) Yesterday we discussed how producer hedging could help keep a lid on U.S. prices next year, with producers having covered very little of their exposure. The chart below shows the average oil price for 2018 has now dropped below $50/bbl for the first time since November.

Yesterday we discussed how producer hedging could help keep a lid on U.S. prices next year, with producers having covered very little of their exposure. The chart below shows the average oil price for 2018 has now dropped below $50/bbl for the first time since November.