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Crude oil futures fall Rs 26 on weak global cues

07 December 2017, 01:02 | Austin Hogan

Crude oil futures fall Rs 26 on weak global cues

Crude oil futures fall Rs 26 on weak global cues

A big dip in the nation's crude oil stockpiles last week was largely offset by a hefty build in refined petroleum products inventories.

WTI Crude Oil (Light Sweet) price at NYMEХ Stock Exchange down by 1.32% to $57.59 per barrel.

For WTI crude, the key zone to watch is $57.03 to $56.55.

At the Multi Commodity Exchange, crude oil for delivery in December was trading sharply lower by Rs 26, or 0.70 per cent, to Rs 3,698 per barrel in 1,601 lots.

The API data showed a jump of 9.2 million barrels in gasoline stockpiles, while inventories of distillates rose about 4.3 million barrels, sources said.

Futures dropped 0.6 percent in NY after rising 0.3 percent on Tuesday.

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Among the heating fuels, January heating oil settled at $1.861 a gallon, down 2.8%.

But the price has slipped from November's peak at around $65 USA a barrel, the highest since mid-2015. Supply cuts by the Organization of Petroleum Exporting Countries, Russia and other producers that were extended last week to all of next year have helped lift Brent prices by more than 40% since June. Prices are finding it hard to surpass their two year highs.

"The sentiment-driven support to crude oil prices has somewhat dissipated as market participants look beyond last week's OPEC meeting", said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.

One factor that could undermine OPEC's and Russia's effort to cut supplies and prop up prices is USA oil production C-OUT-T-EIA, which has risen by 15 percent since mid-2016 to 9.68 million barrels per day, close to levels of top producers Russian Federation and Saudi Arabia.

"While the deal leaves room for an earlier exit than currently scheduled, we now reflect this resolve in our supply forecast, with full compliance for longer and a more modest exit rate", Goldman Sachs analysts said in a note. An extension had been largely priced in but rising US oil production has been a key concern for the market.



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