Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Crude Oil Prices Dip In Asia After API reports Surprise Build

Commodities Oct 24, 2017 09:55PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Crude dips in Asia
 
LCO
-2.86%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CL
-3.49%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com - Crude oil prices fell in Asia on Wednesday after industry figures from the U.S. showed an unexpected gain in crude stocks and investors looked to more from OPEC and allies on chances for output curbs to be extended until the end of 2018.

On the New York Mercantile Exchange crude futures for December delivery eased 0.11% to $52.41 a barrel, while on London's Intercontinental Exchange, Brent slipped 0.12% to $58.41 a barrel

Crude oil inventories in the U.S. rose by 519,000 barrels last week, the American Petroleum Institute (API) said on Tuesday, while gasoline supplies fell by 5.753 million barrels and distillate stocks dropped 4.949 million barrels.

The estimates will be to be followed on Wednesday by official data from the Energy Information Administration (EIA). The API and EIA figures often diverge.

Analysts expected a 2.5 million barrels drop in crude stocks and a 1.9 million barrels decrease in distillates and gasoline inventories off by 1.9 million barrels.


Overnight, crude oil prices settled higher on Tuesday as Saudi Arabia vowed to end the glut in supply while data expected to show crude oil supplies fell for the fifth-straight week lifted sentiment.

In what was a volatile day of trade, traders weighed the prospect of an extension to the supply-cut agreement after Saudi oil minister Khalid al-Falih said Saudi Arabia is willing to “do whatever it takes” to rein in excess supplies.

"When we get closer to that (five-year average) we will decide how we smoothly exit the current arrangement, maybe go to a different arrangement to keep supply and demand closely balanced so we don't have a return to higher inventories," the minister, Khalid al-Falih, told Reuters.

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 last year.

The ongoing fluctuation of output in Iraq, meanwhile, continued to concern investors as crude supplies through Iraq's northern pipeline to Ceyhan in Turkey rose further. Pumping along the pipeline rose to 300,000 barrels per day (bpd) on Tuesday, Reuters reported, citing a shipping source.

The uptick in political tensions in Northern Iraq follows conflict between Iraqi and Kurdish forces last week, as Kurdish forces retreated from Northern parts of Iraq, ceding control of two major oilfields.

Crude Oil Prices Dip In Asia After API reports Surprise Build
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other 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, don’t trash it.

  •           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. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. 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.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

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

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
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?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email