Finance

Oil holds near $63 as crude stocks drop, trade tensions abate

Oil holds near $63 as crude stocks drop, trade tensions abate

Futures in NY slipped 0.4% after climbing 0.8% on Tuesday. In the U.S., where supplies have threatened to undermine OPEC's curbs, an industry report said inventories slid last week.

While the UAE's energy minister says efforts by OPEC and its allies have removed "85% of the problem" of oversupply, surging American production continues to remain a thorn for the group.

Trade sources told Reuters on Monday that Saudi Arabia was expected to cut prices for all crude grades it sells to Asia in May to reflect weaker prices for its Middle East benchmark Dubai crude. "While increasing United States supplies weigh on prices, we're seeing nice demand from both in and out of America, which eases concerns over bloated inventories".

He forecast Brent to trade between $65 to $70 per barrel and United States crude West Texas Intermediate between $60 to $65 per barrel in the coming weeks. The contract fell 14 cents to $63.37 on Wednesday. Total volume traded on Thursday was about 23 percent below the 100-day average.

Front-month London Brent crude for June delivery was up 30c, or 0.4%, at $68.32, having ended down 10c.

Brent is now trading at $66.21 (Dh242.99) per barrel and the USA benchmark West Texas Intermediate at $62.34 per barrel. Futures were little changed in NY.

Prices last week rose to a recent high of $71 per barrel, before crashing by 4% early this week and staging a partial recovery on Wednesday. "Markets from equities to oil now seem to quickly brush off and recover as the trade dispute between the USA and China continues".

Refineries last week processed 16.9 million barrels of crude daily and produced 10.1 million barrels of gasoline and 5 million barrels of distillate daily.

US drillers cut rigs for first time in three weeks * Fear of renewed USA sanctions against Iran also support crude * But trade spat between USA and China weighs (Adds Shanghai prices and quote) By Henning Gloystein and Meng Meng SINGAPORE/BEIJING, April 2 (Reuters) - Oil prices rose on Monday, lifted by a drop in US drilling activity as well as by expectations that the United States could re-introduce sanctions against Iran. Prices erased most of their losses on Wednesday after data showed supplies stored in USA tanks shrank the most since January, in contrast to a forecast for a 2 million-barrel gain.

The API report also showed a build for gasoline for the week-ending March 30 of 1.123 million in gasoline stockpiles.


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