Oil prices stable as lower crude stocks counter soaring U.S. output
08 Декабря, 2017, 01:37 | Author: Terri Saunders
Traders said prices fell after an American Petroleum Institute report on Tuesday showed a 9.2-million-barrel rise in gasoline stocks in the week ended December 1 and an increase of 4.3 million barrels in distillate inventories, which include motor diesel and heating oil.
The West Texas Intermediate for January delivery decreased 1.66 US dollars to settle at 55.96 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery lost 1.64 dollars to close at 61.22 dollars a barrel on the London ICE Futures Exchange.
Marketmen said the fall in crude oil futures was mostly attributed to trimming of positions at futures trade in tandem with a weakening trend in Asian trade after official data confirmed a huge build in U.S. gasoline supplies, offsetting the data showing crude stockpiles fell for the third straight week.
Oil prices dropped more than 2 percent on Wednesday amid a sharp rally in US inventories of refined fuel. The global benchmark traded at a premium of $5.22 to February WTI.
"Gasoline inventories are also now building as demand eases back even in the face of decent export numbers".
Gasoline futures led the energy complex lower on Wednesday, as RBOB dropped 3 percent to $1.6658 a gallon. The country is Africa's top oil exporter.
In addition, oil production in the United States increased at the end of the seventh week in a row - to 9.7 million barrels per day (b/d), the high since the beginning of tracking this data in 1983. Those cuts, which were extended at a meeting last week for the whole of 2018, have helped lift Brent prices more than 40 percent since June.
Stephen Brennock, an analyst with London oil broker PVM, said in an emailed market report that geopolitical issues may be the next wildcard for the price of oil.
Russian Oil Minister Alexander Novak said it was too early to talk about exiting the OPEC agreement, and that the process would be gradual. Analysts had expected a draw of 3.507 million barrels.
US oil production has climbed by 15 percent since mid-2016 to 9.7 million bpd, close to levels of top producers Russian Federation and Saudi Arabia.
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