USA oil price declines ahead of data

24 February, 2018, 11:47 | Author: Kathy Ellis
  • OPEC's widened tent would still be built on desert sand

Anticipation of gains in USA crude oil production and long-term forecasts for an energy market shift sent crude oil prices lower in early Wednesday trading.

The futures on USA light crude oil with delivery in April fell by 0.78% to 61.31 Dollars per barrel, while Brent variety erased 0.58% to 64.87 USD per barrel. "Sentiment in the oil market has been slightly bearish following the past weeks' surge in the US rig count". But prices recently have been locked in a relatively tight band.

Meanwhile, the UAE earned more headlines when al-Mazroui told Reuters that its production cuts under the OPEC reduction strategy will be even greater in the first quarter of this year; but this, as is the case with similar statements made by other OPEC nations and the cartel itself, is misleading because it isn't a result of willful compliance but rather due to planned field maintenance.

The firm dollar outweighed a reported fall in USA crude inventories.

"Oil prices are down but they're still trading in their recent price range", Mr. Tchilinguirian said.

The price of Brent traded at $65 at 10.30am UAE time.

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"Oil prices are likely to slide for as long as the U.S. dollar appreciates, especially since fundamental data also point more toward falling prices", Commerzbank analysts said. For the week, the USA crude contract rose 4.2% after losing almost 10% the previous week.

"Oil is getting support from a rebound in global stock markets and a weak dollar, but the upside is limited due to a projection for rising USA production", Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo, told Reuters.

The U.S. supply data is expected to be released this Wednesday; the information is expected to be released by the U.S. Energy Information Administration after having tons of delay in the past couple of days.

However, surging US production is offsetting those efforts.

Last week, the amount of United States oil rigs drilling for new production rose for a fourth straight week to 798, in an indication that USA crude output, already at a record 10.27 million bpd, may rise further. "I think [prices are] just floundering right now until tomorrow's report". "The market's been concerned about US production ramping, so as long as you still have these healthy inventory reports, it helps ease some of the fears". It hit a two-week peak at $66.56.

Futures fell 0.7 per cent in late trading yesterday. Diesel futures rose 0.46 cent, or 0.24%, to $1.9323 a gallon.

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