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Price Of Crude Oil Dips On Supply Glut Concerns
20 April 2017, 06:17 | Kelvin Horton
Saudi Energy Minister Praises OPEC Oil Price Boost
Despite a drop in USA crude stocks last week, an unexpected 1.5-million-barrel build in gasoline stocks drove prices more than 3.5 percent lower on Wednesday. Futures touched $51.43, the lowest since April 6. Exxon Mobil has applied to the Treasury Department for a waiver from US sanctions on Russian Federation in a bid to resume its joint venture with state oil giant Rosneft, The Wall Street Journal reported.
The continued growth in US production and the rise in stockpiles forced the market to respond bearishly based on the increased inventory outlook.
"Rising oil output in the U.S. remains the predominant bearish factor for prices despite growing anticipation that OPEC will extend a self-imposed cap on its oil production in the upcoming May meeting", said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London. Gasoline stocks fell by 1.5 million barrels, following a 3 million barrel decline the previous week.
Brent for June settlement fell 45 cents to $54.44 a barrel on the London-based ICE Futures Europe exchange.
If the losses hold, it would extend crude's decline to three straight days. On May 25, ministers from the Organization of Petroleum Exporting Countries will convene in Vienna, Austria to discuss the possibilities of prolonging the supply cuts.
"It seems that the optimism in the oil market we have seen since the last few days of March is running out of steam", wrote Tamas Varga, PVM Oil Associates analyst, noting the "ever-increasing rise" in USA shale output.
OPEC and several other producers including Russian Federation agreed in December to pump less oil in an orchestrated effort to end an oversupply weighing on prices. Output in the lower-48 states rose 21,000 barrels a day to 8.72 million, also the highest since August 2015. Russian Federation is also doing its part by cutting oil production by 2.2% according to the Dep. Minister Molodtsov. USA shale production is ramping up aggressively.
China's March gasoline output rose 2.5 percent year-on-year to 11.24 million tonnes, the highest level since at least April 2014, China's National Bureau of Statistics said, adding fuel into an Asian market that is already well supplied.
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