Crude oil prices dip in anticipation of inventory data release
02 March, 2018, 04:52 | Author: Barbara Daniel
The market was also supported by data showing USA crude stockpiles fell more than expected earlier this month.
Information released Wednesday by the Energy Information Administration U.S. commercial crude inventories rose by three million barrels in the week to February 23 to a total of 423.5 million barrels.
West Texas Intermediate for April delivery was down 16 cents at $63.75/bbl on the New York Mercantile Exchange at 3:56 p.m.in Singapore. S. crude and gasoline stockpiles, with surging production in the country hampering OPEC attempts to end a global glut. On Tuesday, the contract fell 87 cents to close at $66.63 a barrel.
The stronger dollar makes commodities denominated in the US currency more expensive for holders of other currencies.
US crude exports last week surpassed 2 million barrels a day for only the second time on record, according to US Energy Information Administration data on Thursday, while stockpiles at Cushing shrank for a ninth straight week to 30 million barrels.
The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russian Federation have agreed to cap output by about 1.8 million bpd in a deal running from January past year until the end of 2018.
Oil prices have rebounded to around $70 a barrel as a result of the policy.
In stating that the current crude market has regained equilibrium enough to consider a relaxing of production output curbs, Khalid al-Falih, energy minister for Saudi Arabia, also pointed out over the weekend that a mechanism to curb supply should be incorporated into a permanent framework with other producers.
Oil output in Venezuela, one of OPEC's larger producers, has dropped to its lowest in more than 20 years as the country grapples with an economic crisis, in turn helping curtail OPEC's supply beyond the group's agreed 1.2-million bpd commitment.
A Bloomberg survey showed United States crude inventories probably increased by three million barrels last week.
Most of the drawdown has come from the liquidation of bullish long positions rather than the establishment of new bearish short ones and it has been proportionately greater in fuels rather than crude.
"Production numbers and rig counts are just as important at this stage, particularly with U".
"US crude output, up 1.3 mb/d year-on-year (y-o-y), will soon overtake Saudi Arabia and could catch Russian Federation by the end of the year", the IEA said two weeks ago.
"We need to add 15 million barrels daily by 2040 to meet demand", he added, putting the needed investment at $10.5 trillion. Crude slipped after an industry report was said to show an increase in USA crude stockpiles.
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