Oil falls for third day as higher inventories, dollar weigh
- Author: Kelly Blake Mar 04, 2018,
Mar 04, 2018, 3:59
Analysts said besides profit-booking by speculators at existing higher levels, fall in demand in the physical market against adequate stocks position weighed on crude palm oil prices at futures trade. April crude was down 41 cents, or 0.7%, to $62.60 a barrel on the New York Mercantile Exchange, down from $63.13 before the supply data. "It is more about the broader trade environment", said Harry Tchilinguirian, senior oil analyst at BNP Paribas, adding that Trump's latest decision has the potential to damage relationships with the US's trading partners or even spark a trade war that could impact oil markets.
Crude oil prices slipped into negative territory during the previous session on anticipation of swelling USA crude oil inventories.
The Organization of the Petroleum Exporting Countries (OPEC) will hold a dinner on Monday in Houston with U.S. shale firms, the latest sign of the producer group widening talks about how best to tame a global oil glut. USA crude CLc1 was up 16 cents at $61.15.
U.S. oil prices edged up on Friday, snapping three days of declines, but gains were limited as Asian share markets extended a selloff on Wall Street after news of planned United States tariffs on steel and aluminium raised fears of a trade war. US crude oil production increased steadily through 2017, reaching its highest level in more than three decades.
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Oil prices fell for a third day on Thursday, dropping towards USD 64 a barrel as rising USA inventories, record output and a stronger dollar outweighed high OPEC compliance with its supply-cutting deal.
OPEC officials will meet US shale executives at a USA energy conference on Monday, a gathering that underlines the influence of American output in keeping a lid on global prices. "We see more downside for oil".
The (), which measures the greenback against six major currencies, increased for a second day on Wednesday and was slightly higher on Thursday.
A weaker dollar makes commodities that are priced in dollars, including oil, less expensive for foreign buyers, lifting demand.
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"The standoff "shale versus sheikh" continues to frame the oil market, with the former again gaining the upper hand", said Norbert Ruecker, head of macro and commodity research at Julius Baer.
OPEC's cut, which began a year ago, has nonetheless helped to boost prices from levels below Dollars 30 seen in January 2016.
Venezuela's output dropped by 30,000 barrels a day to 1.68 million barrels.
"Yesterday's (Wednesday's) report ... has reawakened concerns that US production levels will offset OPEC production cuts", Gene McGillian, manager of market research at Tradition Energy in Stamford, Conn., told Reuters.
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