Oil prices tumble amid rising United States crude output

09 March, 2018, 03:31 | Author: Terri Saunders
  • Oil prices tumble amid rising United States crude output

The Energy Information Administration reported a 2.4-million-barrel build in crude oil inventories for last week.

The EIA expects next year's United States production to average 11.3 million bpd, the report said.

Oil prices fell in post-settlement trade after data from the American Petroleum Institute showed US crude inventories rose by 5.7 million barrels last week, a bigger-than-expected rise.

Oil prices steadied on Thursday after falling the previous day on the back of record U.S. crude production and rising inventories.

West Texas Intermediate for April fell as much as 80 cents to $61.80/bbl on the New York Mercantile Exchange and traded at $62.28 as of 8:21 a.m. local time.

Dated Forties and Oseberg crude BFO- , a physical price for two Brent grades, ended last week at $64.77 a barrel, just $1.74 above the physical WTI Houston price of $63.03, as assessed by price reporting agency Argus.

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The volume of shipments is significantly more than the record 179,000 BPD reached in September 2014, before oil prices dropped.

This U.S. increase is putting pressure on the Organization of the Petroleum Exporting Countries, Russia and other nations that have curbed output to prop up prices but risk losing market share.

Oil fell on Thursday, following a sharp rise in the dollar, steering prices towards a second consecutive weekly fall against a backdrop of rising US crude production and inventories.

Major powers, including the European Union and China, have said such tariffs could lead to retaliatory action and trigger a global trade war. Crude stocks at Cushing fell by 0.6 million barrels, while stocks of gasoline (0.79m) and distillates (0.56m) also decreased. And the U.S.is set to become part of the top five global crude exporters, according to consultant Wood Mackenzie Ltd.

As crude oil inventories built for the week, USA crude oil production for week ending February 23 also increased, coming in at 10.283 million bpd, well on its way toward the 10.7 million bpd that the EIA suspects will be seen in 2018. The global benchmark traded at a $3.38 premium to May WTI.

Gary Cohn, economic adviser to US President Donald Trump, seen as a bulwark against protectionist forces within the government, said on Tuesday he was resigning, triggering a more than 1% fall in S&P 500 futures on Wednesday.



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