Business

Crude oil susceptible to steep price correction

Crude oil susceptible to steep price correction

Daily trading volumes of USA oil futures contracts have more doubled in the past decade, averaging more than 1.2 billion barrels per day in 2017, according to exchange operator CME Group. The purchases of USA oil aren't likely to continue, given the U.A.E.'s own supply, Lipow said. A bounce if not seen now could lead to further fall in the Crude Oil prices to 64 and 60 respectively.

Emerging market stocks lost 0.32 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.44 per cent lower.

Energy stocks have got off to a strong start this year and look poised to run further, fuelled in part by a rebound in oil prices, climbing U.S. production and investors looking to take advantage of shares that could be a bargain after a disappointing 2017.

Following a spike in USA bond yields generating fears of a potential increase in inflation and higher interest rates, the financial markets tanked on Monday. U.S. West Texas Intermediate crude futures shed 55 cents to $63.60. The Bloomberg Dollar Spot Index, which tracks the currency against 10 major peers, rose as much as 0.6 percent. At the same time, "you've seen a general strengthening in the USA dollar".

Futures dropped as much as 0.8% in NY, briefly slipping below $63/bbl for the first time in more than two weeks. However, front-month contracts fell more rapidly on Wednesday than further-dated futures, suggesting a slightly less favorable view of supply/demand dynamics than before the EIA data.

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Singapore:Oil prices rose on Wednesday, lifted by a report that US crude inventories fell last week, although analysts warned that soaring USA output and a seasonal demand drop could soon weigh on crude.

That boosted inventories of gasoline and diesel fuel heading into the less busy season, feeding concerns about supply.

"U.S. weekly oil production registering 10.25 million bpd in today's report has unsettled the market - the impact of which is manifested as weakening oil prices", said Abhishek Kumar, senior energy analyst at Interfax Global Gas Analytics in London.

U.S. commercial crude inventories rose by 1.9 million barrels to 420.3 million in the week through February 2, the U.S. Energy Information Administration reported. Statoil ASA beat analysts' profit expectations in the fourth quarter as Norway's biggest oil producer managed to take advantage of crude's recovery to a larger extent than many of its bigger rivals. That was down 3 cents from their last settlement, but a recovery from a session-low of $61.33 a barrel.

"U.S. crude production should keep hitting new highs throughout 2018", USA bank Citi said after the data's release.


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