oil prices slip as high stocks overshadow opec cuts
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil prices slip as high stocks overshadow OPEC cuts

Arab Today, arab today

Arab Today, arab today Oil prices slip as high stocks overshadow OPEC cuts

In the US, rising output has helped push up crude and fuel stocks
London - Arab Today

Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices.
Brent crude futures were trading at $55.42 per barrel at 1448 GMT, 23 cents below their last close.
US West Texas Intermediate (WTI) crude futures were down 17 cents at $53.19 per barrel.
Both appeared on track for losses on the week, though prices had moved higher earlier in the session in response to news that the Organization of the Petroleum Exporting Countries (OPEC) could extend an output cut aimed at reining in a global supply overhang.
OPEC and other producers, including Russia, agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 percent.
The cuts are aimed at curbing oversupply that has dogged markets since 2014. But inventories and supplies remain high, especially in the US.
“You have got bullishness from the OPEC cuts, but the bearishness of the inventory report,” Hamza Khan, head of commodities strategy at ING, said. “The question is, which of these is going to give first?”
Brent and WTI have traded within a $5 per barrel price range this year, in what has become the longest and most range-bound period since a price slump began in mid-2014.
In the US, rising output has helped push up crude and fuel stocks to record highs. In Asia, oil flows into the region remain as high as they were before the production cuts, Thomson Reuters data shows, as exporters fight for market share.
There are also signs of faltering demand growth in core markets China, India and the US.
In India, fuel demand growth fell in January, while in China sagging car sales and soaring gasoline and diesel exports also point to a slowdown in growth.
US gasoline cracks slid to a one-year low on Friday on fears of excess supply and weakening demand growth.
Despite the supply glut, analysts expect oil markets to tighten in the longer term.
“In the fourth quarter of 2018, global oil demand will most likely surpass 100 million barrels per day,” AB Bernstein said on Friday in a note to clients.
“If oil prices stay around $60 per barrel and GDP (gross domestic product) growth over 3 percent per annum, then oil demand growth will be stronger over the next 5 years than the previous decade. What we are witnessing is a rather surprising renaissance of oil consumption,” it said.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil prices slip as high stocks overshadow opec cuts oil prices slip as high stocks overshadow opec cuts

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil prices slip as high stocks overshadow opec cuts oil prices slip as high stocks overshadow opec cuts

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday