Oil Prices Give Up Gains As Crude Supply, Production Rise
Mar 14 2018 by Desiree Burns
Over a year after the agreement was reached, the world's biggest oil-producing countries believe that a global oversupply of oil is still weighing down prices. The Energy Department releases its USA inventories data later this morning.
Crude inventories rose by 5 million barrels in the week to March 9, compared with analysts' expectations for an increase of 2 million barrels.
According to OPEC, "the most recent trade-related developments may provide challenges to the growth momentum as global trade has been an important factor contributing to the world economy".
Oil slid toward $60/bbl in NY as USA crude inventories rose the most since January and production continued inexorably higher.
Brent crude oil futures were last up 2 cents at $64.66 a barrel by 2:10pm GMT, while US West Texas Intermediate futures were up 11 cents at $60.82 a barrel.
"Commercial crude stocks in the USA have been recovering and are at their highest level since December 2017". He will likely push for the U.S. to exit the nuclear deal with the Persian Gulf nation in May, and could advocate for tougher sanctions on Venezuela, which might boost oil prices, she said.
Copper CMCU3 and palladium XPD= , a key component in gasoline-powered vehicles, both rose around 1 percent, which in turn encouraged a bounce in the oil price. The American Petroleum Institute on Tuesday (http://www.marketwatch.com/story/api-data-reportedly-show-a-weekly-rise-us-crude-supply-but-gasoline-stockpiles-fall-2018-03-13) reported a rise of almost 1.2 million barrels, according to sources. The IEA will release its monthly oil report Thursday.
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Iraq is talking with the Kurds and Turkey about restarting crude shipments from fields in the Kirkuk area of northern Iraq, Oil Minister Jabbar al-Luaibi told reporters in Basra.
On Monday, the EIA said production from major USA shale formations should rise by 131,000 barrels per day in April vs. the previous month to an all-time high of 6.95 million bpd.
Opec cut its forecast for demand for its own crude in 2018 by 250,000 bpd to 32.61 million bpd, marking the fourth consecutive decline.
Traders of crude oil cargoes face a dilemma.
It expects strong oil demand growth and high OPEC compliance to push inventories further below the five-year average in the third quarter.
Refinery crude runs rose by 432,000 barrels per day, EIA data showed.