United States oil price declines ahead of data

United States oil price declines ahead of data

At 1050 GMT, April ICE Brent crude futures were down 28 cents/b (0.41%) from Wednesday's settle at $65.16/b, while the NYMEX April light sweet crude contract was 26 cents/b (0.62%) lower at $61.30/b. By contrast, the American Petroleum Institute was said to report they fell by 907 000 barrels.

Phil Flynn, senior market analyst at Price Futures Group, concluded with regards to crude's performance on Friday, "Oil prices were strong because the stock market stabilized; as long as we are going to see stock market stability, oil prices are going to look pretty good". BP's review found demand accelerates, but begins to peak mid-century and renewables become the fastest-growing fuel source. The price slump today adds another striking wound for WTI as it falls by 0.2% on Wednesday's trading.

"Weekly EIA data was particularly supportive to WTI considering US and Cushing draws, a boost in crude exports above 2 million bpd and flat crude production", said Anthony Headrick, energy market analyst at CHS Hedging LLC in Inver Grove Heights, Minnesota.

Since the dollar began to grind higher a few weeks ago, the oil price has lost almost 10 per cent since hitting a multi-year high above $70 in January.

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Oil won buoyed earlier in the week after Saudi Energy Minister Khalid al-Falih said OPEC hopes to keep limiting crude output to leave the market tight.

"It makes more sense to liquidate your on-hand inventories", Lipow said.

BofAML expects Opec and non-Opec countries to gradually unwind their deal "with only modest increases in supply" as oil markets remain concerned about a resurgent USA shale that is likely to offset any price gains this year.

Last week, the amount of United States oil rigs drilling for new production rose for a fourth straight week to 798, in an indication that USA crude output, already at a record 10.27 million bpd, may rise further.

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That's good news for India, which imports 78 per cent of its crude oil needs. Analysts had forecast a smaller decline of 1.633-million-barrels.

The correlation between moves in the oil price and the dollar has strengthened in the last couple of weeks, as investors increasingly sell other assets to buy the US currency on expectations of a faster pace of rate rises.

Shanghai - Oil slid back toward $60, dragged down with other commodities by a stronger dollar on the prospect of accelerating USA interest rate hikes and on concern over American crude supplies.

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