Published: Sat, October 07, 2017
Worldwide | By Sean Reid

Crude Oil Tightropes USD50 Again

Crude Oil Tightropes USD50 Again

Analysts surveyed by S&P Global Platts expect the EIA to reveal a decline of 1.5 million barrels in crude inventories.

Oil's bull market rally stumbled into some bad news. "Since then, US refiners are coming back and USA exports last week were at a record high on a weekly basis", Petromatrix's Jakob said. Oil's loss also comes as "we've seen some decent dollar strength".

Oil slid in NY after its biggest monthly gain in more than a year as the boost from seasonal demand and political tensions in Iraq was expected to fade.

A survey conducted by Reuters also found that overall output from the oil cartel improved.

OPEC oil production in September increased by 50,000 barrels per day on the background of an increase in Iraqi exports and a rise in production in Libya, according to Reuters.

U.S. West Texas Intermediate (WTI) crude futures were trading at $49.86 per barrel at 0206 GMT, down 12 cents, or 0.24 percent, from their last close.

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If OPEC takes advantage of the demand-driven rally and ends its production cuts in early 2018, global supply will again threaten to overwhelm demand, pushing stockpiles up and depressing prices.

Analysts say the war of words in the wake of Kurdish voters overwhelmingly voting in favour of independence from Iraq on Monday continues to send tremors through the market.

Energy analysts Kpler estimate that, at the end of last week, the amount of oil kept on ships in the North Sea rose by almost 3 million barrels to just over 5.4 million barrels in the space of a week, in line with Reuters calculations.

Brent for December settlement fell 67 cents to end the session at $56.12 on the London-based ICE Futures Europe exchange. Total volume traded was about 22 percent below the 100-day average.

Oil prices have dropped for the second consecutive day over rising concerns that the global crude glut may not be eliminated as quickly as expected. USA crude oil more often than not falls in the final three months of the year, according to a study performed by CNBC using hedge fund analytics tool Kensho.

Exports are buoyed in part by a larger-than-usual gap between the USA and global benchmarks for oil prices, making the cheaper American crude more desirable to foreign markets.

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