US WTI crude oil futures settle down sharply on the day

Cornelia Mascio
Novembre 15, 2017

Oil futures are down by another 1% in Asian trade on Wednesday, extending their overnight losses as the American Petroleum Institute's reading of weekly US inventories showed a surprising build in both crude oil and gasoline. The contract is closing at $55.70 per barrel, down $1.06 or 1.87%.

-The slide could extend further if the official Energy Information Administration data, due later Wednesday, confirm API's bearish inventory reading. The API and EIA figures often diverge. The fall can be attributed to rising U.S. oil output and a weak global demand outlook based on International Energy Agency (IEA) report.

IEA cut global oil demand growth forecast by 100,000 barrels per day (bpd) to 1.5 million bpd in 2017 and 1.3 million bpd in 2018.

In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November past year.

The reported said, however, that OPEC member compliance with deal to curb output improved, rising to 96% in October from 87% in September.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE