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Oil falls to as U.S. crude oil stocks head record
Oil prices fell on Wednesday after an industry report signalled petroleum inventories in top consumer the United States were headed for a record, following an unexpected sharp increase in crude stocks last week.
U.S. crude for September delivery CLc1 fell as much as 0.45 percent to
$75.43 a barrel, and was down 20 cents at $75.57 by 0244 GMT. ICE Brent
for October LCOc1 fell 27 cents to $76.66, after flipping into a premium
to the U.S. benchmark on Tuesday.
Prices are now centred near the mid-point of this year’s $64.24-$87.15
trading range, as recovering energy demand has been insufficient to
drain ample supplies, leading to an unseasonal raft of seven consecutive
weeks of gains in U.S. gasoline stockpiles and eleven in distillate
inventories including diesel.
“It looks like the oil product market is very comfortably supplied and
that demand conditions remain lacklustre,” said Stefan Graber, a
commodities analyst with Credit Suisse in Singapore.
“It will probably take a few weeks until we see decisive improvements.”
The American Petroleum Institute late on Tuesday said U.S. crude
stockpiles rose by almost 5.9 million barrels last week, compared with
analysts’ expectations for a 1-million-barrel drop. API/S
Gasoline stocks rose 2 million barrels, the API said, compared with
forecasts for a 100,000 barrel decline, while distillates including
diesel rose 2.1 million barrels, topping predictions for a 1.5 million
barrel gain in a Reuters survey.
If the API data is confirmed on Wednesday by weekly government
statistics on inventories and demand from the U.S. Energy Information
Administration, it would send the country’s combined crude and product
inventories to a record high.
Last week’s EIA data showed combined crude and product stockpiles at
1.125 billion barrels — 3.5 million higher than at the same time last
year and 2.1 million below the record high set back in 1990, when the
U.S. government started publishing the data.
OPEC’S SWEET SPOT
Oil prices have mostly hovered around the sweet spot for the
Organization of the Petroleum Exporting Countries (OPEC) in the $70-$80
range this year, after the group relaxed compliance with 2008 production
cuts.
But the crude market has been rattled by the influence of currency and
stock market fluctuations on an intraday basis as investors reduce or
increase risk exposure, especially at the height of Europe’s sovereign
debt crisis in May, when prices reached both the highs and the lows for
the year.
Prices were also under pressure from a stronger dollar on Wednesday,
which outdid the lift provided by rising Asian stock markets. The
greenback gained about 0.15 percent against a basket of currencies,
after falling 0.4 percent the previous day. .DXY
Japan’s Nikkei average rose on Wednesday, with exporters such as Canon
Inc gaining after strong U.S. corporate earnings helped Wall Street rise
a day earlier. .T .N
Encouraging industrial production data from the U.S. also boosted U.S. equities on Tuesday.
“We are still in expansionary territory, and beyond the somewhat weaker
summer months, a pick-up in activity should translate into rising oil
consumption in the U.S.,” Graber said.
The U.S. National Hurricane Center said late on Tuesday that a tropical
wave over the central Caribbean Sea had a 10 percent chance of
developing into a tropical cyclone over the next 48 hours.
Source: Reuters
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