Arab Today, arab today brent heads towards 125 on us stocks draw
Last Updated : GMT 02:35:28
Arab Today, arab today
Arab Today, arab today

Brent heads towards $125 on US stocks draw

Arab Today, arab today

Arab Today, arab today Brent heads towards $125 on US stocks draw

Washington - Arabstoday

US crude stocks down 1.4 mln bbls, vs forecast for build * Saudi assurance to meet supply shortfall to cap gains * ANZ forecasts Brent to rise to average of $119/bbl in 2012 * Coming up: U.S. EIA weekly petroleum status report; 1430 GMT (Adds China crude stocks, updates prices) By Francis Kan SINGAPORE, March 21 (Reuters) - Brent crude edged towards $125 a barrel on Wednesday, pulling back from sharp losses a day earlier, as lower-than-expected U.S. crude stocks and a weaker dollar offset the prospect that top exporter Saudi Arabia would ramp up supply. Industry data showed an unexpected 1.4-million-barrel decline in crude stockpiles last week, but comments by the Saudi oil minister that the kingdom was prepared to meet any supply shortfall are expected to keep a lid on gains. \"The lower stocks are giving support to the market, but the Saudi comments will put a short-term cap on the oil price, and ease fears of supply issues emanating out of Iran,\" said Ben Le Brun, market analyst with OptionsXpress in Sydney. Brent crude gained 35 cents to $124.47 a barrel by 0503 GMT, after falling more than a dollar in the previous session on the Saudi comments. U.S. crude was up 53 cents at $106.60. The benchmark plunged more than 2 percent on Tuesday. Oil prices also received a boost after the greenback fell 0.3 percent against a basket of currencies, making dollar-denominated commodities cheaper when purchased in other currencies. U.S. crude stockpiles fell 1.4 million barrels in the week to March 16, compared with analysts\' expectations for an 2.4 million barrel build. Crude stocks at Cushing, Oklahoma, the delivery point for the benchmark West Texas Intermediate crude, fell 194,000 barrels, data showed. The market will now await inventory data from the U.S. Energy Information Administration on Wednesday for confirmation of the drawdown. China\'s crude inventory was also lower last month, with commercial stocks falling 3.77 percent by the end of February from a month earlier, official news agency Xinhua said on Wednesday. SAUDI SUPPLY Saudi Arabia sought to soothe fears about high oil prices, saying on Tuesday world supplies were well in excess of demand and crude at $125 a barrel was not justified, given the anaemic state of the world economy. Saudi Oil Minister Ali al-Naimi said the kingdom had met all its customers\' requests for oil and stood ready to raise output to full capacity of 12.5 million barrels per day (bpd), if needed. At more than $124 a barrel, Brent is trading just $23 short of an all-time high, as tighter Western sanctions on Iran threaten to slow the country\'s exports. The U.S. on Tuesday exempted Japan and 10 EU nations from financial sanctions because they have significantly cut purchases of Iranian crude oil, but left Iran\'s top customers China and India exposed to the possibility of such steps. Supply disruptions from Iran and other producers in the Middle East and North Africa (MENA) have added a premium of $10-$15 a barrel to oil prices, analysts at ANZ Bank said in a report. \"The rub is the risk premium can be washed out as quickly as it was built in, if MENA concerns abate,\" the report said. The bank forecasts Brent to rise 7.2 percent to an average of $119 a barrel in 2012 over the previous year, while U.S. crude could gain 10.5 percent to an average of US$105 a barrel.

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