x
Breaking News
0

Crude oil gains in Asia with API figures awaited

CommoditiesMar 20, 2017 08:09PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Crude gains in Asia

Investing.com - Crude edged up in Asia on Tuesday ahead of industry data on inventories expected to set the near-term tone.

On the New York Mercantile Exchange crude futures for May delivery lrose 0.10% to $48.96 a barrel, while on London's Intercontinental Exchange, Brent was last quoted at $51.72 a barrel.

Later on Tuesday, the American Petroleum Institute (API) will release its estimates of refined product and crude oil stockpiles in the U.S. at the end of last week. The API look will be followed by official data from the Energy Information Administration (EIA) due to be released on Wednesday, March 22 at 10:30 EDT.

Crude oil inventories are seen up 2.602 million barrels, while gasoline supplies are seen down 2.231 million barrels and distillates expected to show a decline of 1.3 million barrels.

Overnight, crude settled lower on Monday, despite reports that OPEC could extend its deal to cut production with non-members beyond June, while investors continued to fret about the growing levels of U.S. oil production and inventories.

Oil prices rebounded from session lows sustained in early morning trade, after insider sources from within OPEC said Monday, that OPEC oil producers increasingly favour extending its deal to cut oil production beyond June but expressed the need for Russia and other non-members to remain part of the initiative.

"An extension is needed to balance the market," an OPEC delegate said. "Any extension of the cut agreement should be with non-OPEC." Meanwhile, growing U.S. oil production and inventories weighed on sentiment, as investors braced for a fresh batch of U.S. crude inventories data later this week while the number of active U.S. rigs rose for a ninth straight week.

Oilfield services firm Baker Hughes reported Friday, its weekly U.S. rig count rose by 14 to 631, it was the ninth straight weekly increase, and fuelled concerns that U.S. shale production could dampen OPEC efforts to combat the supply and demand imbalance in the industry.

Crude oil gains in Asia with API figures awaited
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Please wait a minute before you try to comment again.
 
 
 
Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Add Chart to Comment
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email