U.S. oil inventories increase as bench mark price falls further
- Jeannie Evans
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $61.60 a barrel.
Profit-booking at existing levels too weighed on crude prices.
Crude has dipped 0.6 per cent this week and is on track for its second weekly decline in three. Overlooking all the other parameters, with the exception of the exchange rate, a stronger greenback should principally lead to a fall in crude-oil prices, and vice versa. The purchases of USA oil aren't likely to continue, given the U.A.E.'s own supply, Lipow said.
Oil prices fell Tuesday, with the USA benchmark marking its lowest settlement in nearly three weeks.
This is published unedited from the PTI feed. The political mayhem involving the royals of Saudi Arabia in November of past year led to a steep rally in crude-oil prices. OPEC countries and some non-OPEC countries, including Russian Federation, agreed to reduce crude oil production through the end of 2018, which may have allowed other countries to increase their market shares in China in 2017. American Petroleum Institute data Tuesday showed an unexpected decrease in U.S. stockpiles, while on Wednesday U.S. equity futures fell and the dollar rose. Money managers own more 1 billion barrels of crude oil through their holdings of USA and Brent futures and options. At the same time, analysts predicted an increase in stocks of raw materials by 2.5 million barrels.
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The relative performance of the S&P energy index has generally tracked oil prices, but a gap emerged in 2017 as crude prices recovered but shares in energy companies lagged, indicating they are primed to catch up. Statoil ASA beat analysts' profit expectations in the fourth quarter as Norway's biggest oil producer managed to take advantage of crude's recovery to a larger extent than many of its bigger rivals. Most of the crude-oil contracts traded globally are priced in United States dollars.
Benchmark 10-year notes last fell 23/32 in price to yield 2.853 per cent, from 2.766 per cent late on Tuesday.
Leon Cooperman, the chairman and CEO of Omega Advisors who predicted WTI's rise to $60 per barrel while it was still trading around the $49 mark, on Wednesday told CNBC that "I think the supply-demand outlook is favorable, and we would not be surprised to see oil reaching $70 a barrel".
New data shows that United States crude stockpiles increased by 1.9 million barrels last week, contradicting an earlier report that said inventories had dropped.
US crude oil production exploded to 10.25 million barrels a day last week, and virtually every forecast is for that number to remain at or above 10 million for most of the year.