Oil falls for third day as higher inventories, dollar weigh
Oil falls for third day as higher inventories, dollar weigh
By John Kemp LONDON Petroleumworld 02 28 2018
02 March, 2018, 04:57
News of a production halt at Libya's 70,000 barrel-a-day El-Feel field helped cap a weekly drop of more than 3 percent, after a report on Thursday showed storage tanks at the Cushing, Oklahoma, hub are at their lowest levels since 2014 as exports of U.S. crude surge.
"Investors are likely looking at Libya for a potential reason for a rally in oil prices, but this shouldn't last too long", Barnabas Gan, an economist at Oversea-Chinese Banking Corp., said by phone from Singapore.
On Tuesday afternoon, the West Texas Intermediate (WTI) and Brent, two major oil price benchmarks, went down by 1.89 percent and 1.52 percent to 62.70 USA dollars and 66.27 dollars a barrel respectively.
"But amid worries over US crude production at near record highs, oil is struggling to make a move".
"The recent rise in global benchmark prices has not been matched by higher prices for Western Canadian producers".
"There is ongoing pressure, largely coming from a stronger U".
Saudi Arabia's minister of energy, industry and mineral resources, Khalid Al Falih, was presented with the "International Oil Diplomacy Person of the Year 2017" Award at the Energy Institute's International Petroleum (IP) Week on 22 February 2018, in London.
Oil prices rose on Friday to their highest in more than two weeks, supported by the shutdown of the El Feel oilfield in Libya and upbeat comments from Saudi Arabia that an OPEC-led effort to cut stockpiles is working.
OIl prices as of 11:59 a.m.
That fits with the current policy of the Organization of Petroleum Exporting Countries and Russian Federation: their agreement to reduce supply is set to expire at the end of this year, with a gradual return of production after that. However, there's even more oil, and more supply is expected ahead.
But soaring United States production is upending global oil markets at a time when other major producers - including the Middle East-dominated OPEC and Russian Federation - have been withholding output to prop up prices.
"Last week's inventory report wasn't bullish, but it also wasn't bearish". The US Henry Hub front month futures price remained close to the lowest level reached since August 2016. USA inventories have fallen almost a quarter over the last 12 months, or about 100 million barrels - the lowest in three years. "We'll see tomorrow what the EIA data says".
The US production amounted to 10.27 million barrels per day, according to weekly government data released late Tuesday.
WTI crude oil rose by 0.44% and is now worth 63,83 per barrel.
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