Oil Set for 1st Monthly Drop Since August on US Stockpile Fear
Oil Set for 1st Monthly Drop Since August on US Stockpile Fear
02 March, 2018, 16:12
Oil prices fell for a third day on Thursday, dropping towards USD 64 a barrel as rising USA inventories, record output and a stronger dollar outweighed high OPEC compliance with its supply-cutting deal.
Week over week, USA crude oil exports fell by 599,000 barrels a day last week and US production rose by 13,000 barrels a day to 10.28 million barrels. But at 423 million barrels, that's still at the low-end of average.
"Although destocking in Cushing has continued, with stocks there falling below 30 million barrels for the first time since late 2014, the overall increase in USA oil stocks has overshadowed the good news", Fawad Razaqzada, market analyst at Forex.com, said in a note. The ICP price in January 2018 had reached $65.59 per barrel, and the average ICP price in 2017 was recorded at $51.19 per barrel.
WTI Crude oil futures edged up on bargain buying today after testing a one week low in last session.
Opec and its allies began to cut supply a year ago to get rid of a glut. "We see more downside for oil".
Production in Saudi Arabia, OPEC's largest producer, fell 80,000 barrels a day to 9.88 million barrels, the survey found. Libya's output rose 70,000 barrels a day to 1.05 million, the highest since 2013.
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Data on the website of the Energy and Mineral Resources Ministry indicated, Thursday, that the OPEC has succeeded in trimming oil production by 1.8 million barrels per day since 2016.
Brent crude, the global benchmark, was down eight USA cents at $64.65 a barrel at 10.03am GMT. That compares with a 300,000-barrel build in the previous week. Refineries were running at 87.8% of capacity, with daily input averaging about 15.9 million barrels a day, about 49,000 more than the previous week's average.
"Rising global oil demand will be driven mainly by emerging markets, with non-OECD consumption rising by an average of 2.8 percent per year in 2018-19, which would be the fastest rate since 2013", the Economist Intelligence Unit's Birch said.
Here is a look at how share prices for two blue-chip stocks and two exchange traded funds reacted to this latest report.
The United States Oil ETF (NYSEARCA: USO) traded down about 1%, at $12.53 in a 52-week range of $8.65 to $13.30.
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