Brent Oil barrel Price Horizontal Cruising

Oil prices decline on signs of higher output

Worldwide credit rating agency Fitch announced yesterday that crude oil prices in global market will remain under $60 per barrel. The latest inventory data from API added to pessimism with a 4.19-million-barrel build in gasoline stockpiles. While demand has yet to catch up to elevated supplies, rebounding economies in Europe and steady economic growth in the US could at least keep oil prices steady around current levels in the second half of 2017.

Brent for December settlement dropped 48 cents, or 0.9%, to $55.52 a barrel on the London-based ICE Futures Europe exchange.

Oil prices settled lower on Tuesday as investors took profits after big third-quarter gains. Eastern Time. Analysts polled by S&P Global Platts expect the EIA to report a fall of 1.5 million barrels in crude inventories, along with a climb of 1.5 million barrels for gasoline and decline of 2.4 million barrels for distillate supplies.

This compares with an average analyst expectation of a 300,000-barrel draw, although the actual forecasts ranged from a build of 2.7 million barrels to a decline of 3 million barrels among 11 analysts polled by the Wall Street Journal. The West Texas International (WTI) oil price, meanwhile, sank closer to the $50 p/b mark. And only two said that $65 a barrel was a buying opportunity.

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Meanwhile, Russian Energy Minister Alexander Novak stressed that the OPEC and non-OPEC countries agreed to monitor not only oil production, but also its exports. The need for sustained production curbs is a sign the bulls are on fragile ground.

Oil prices settled mildly lower Tuesday as investors awaited reports on USA crude stockpiles scheduled for release Wednesday.

It seems the Organization of the Petroleum Exporting Countries' (OPEC) recent lapse from its normal self-congratulatory mode to expressing worry about being able to reduce the global glut of crude was temporary: Mohammed Barkindo, the cartel's secretary-general, boasted on Tuesday that compliance with the oil output cut deal between OPEC and non-OPEC nations is extremely high, and that he anticipates strengthening cooperation with Russian Federation.

Story by Javier Blas, Serene Cheong, and Sharon Cho; With assistance by Heesu Lee, Tsuyoshi Inajima, Dan Murtaugh, Alfred Cang, and Ann Koh from Blomberg.

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