Crude oil futures fall on weak global cues

07 October, 2017, 00:06 | Author: Essie Rivera
  • Russia cuts oil output by 346,000 bpd in Sept Novak

Meanwhile U.S. drilling has gathered pace, indicating the price rebound is encouraging supply.

"It's coming out that OPEC's oil output rose last month, another rise in the rig count".

"The demand narrative was going to be called into question for the fall season, because it naturally declines", said John Kilduff, founding partner at Again Capital.

Oil prices are also affected by the strengthening of Dollars, which contributes to the appreciation of oil for holders of other currencies. Russian Federation is part of a committee monitoring production from the parties to an effort led by the Organization of Petroleum Exporting Countries to balance the market with production cuts, and exports would add another layer of accountability.

"Oil is under pressure because of the dollar", Phil Flynn, senior market analyst at Price Futures Group wrote his daily energy report.

A survey from Reuters noted that Oil output from the organisation of Petroleum Exporting Countries (OPEC) rose last month, gaining by 50,000 barrels per day (bpd).

West Texas Intermediate for November delivery declined $1.41 to $50.26 a barrel at 11:39 a.m. on the New York Mercantile Exchange. The annual average is just under 1 million barrels a day. Prices climbed 9.4% in September, the biggest monthly increase since April 2016. The global benchmark crude traded at a premium of $5.15 to December WTI.

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Citigroup, however, forecasts WTI at $54 US a barrel and Brent at $58 in the fourth quarter.

Crude oil prices were moving closer to even moments before the opening bell in NY.

Chevron stock was also down 0.5% to 116.95 on the stock market today, still working on forming a saucer base with a 119.10 potential buy point.

Crude oil futures continued to fall Tuesday morning, and may struggle to hold the USD50 a barrel mark ahead of United States inventories data.

Crude stockpiles at a key storage hub in Cushing, Oklahoma, probably increased by 1.8 million barrels last week, according to a forecast compiled by Bloomberg.

Crude oil prices are diving deep into negative territory in early Monday trading. "Taking into account our concerns over the development of the economy in the USA and China, the rise in demand may be insufficient and on this basis we have not been ready yet to announce the end of the range trading that prevailed during 2017".

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