U.S. crude oil stocks build for seventh straight week

25 February, 2017, 00:08 | Author: Eileen Guzman
  • U.S. crude oil stocks build for seventh straight week

However, for prices to break out of their trading ranges, the market needs to see signs that OPEC inventories are falling, said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo. Friday's USA oil rig count data is very important for oil prices, as this will highlight the rate of investments in US oil markets.

In its This Week in Petroleum Report, EIA said that the WTI price was $53.41 per barrel on February 17, or $0.43 below last week's price but $23.82 above a year ago.

Futures in NY are still set for an advance of 1.1 per cent this week.

West Texas Intermediate for April delivery was at $54.15 a barrel, down 30 cents, on the New York Mercantile Exchange as of 9:57 a.m.in London.

Oil price gains eased on Thursday after USA government data showed a seventh straight build in crude stocks, hikes that suggested high inventories could undermine moves by the Organization of the Petroleum Exporting Countries to cut output.

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Oil watchers say rapid rise of US shale oil could weaken oil producers' resolve to stick to the production cut pact after the initial period.

However, both benchmarks notched a weekly gain of about 1.1 percent. Prices on Thursday rose 86 cents to close at $54.45, the highest settlement since July 2, 2015. The contract advanced 74 cents to $56.58 on Thursday and is headed for a 0.8 percent gain this week.

US crude oil inventories rose just 564,000 barrels last week, but marked a seventh consecutive weekly increase. Distillate fuel inventories decreased by 4.9 million barrels last week while propane inventories fell 3.3 million barrels last week.

OPEC and a group of 14 other exporters, including Russian Federation, decided late previous year to take a total of 1.76 million barrels per day (bpd) off the market to boost oil prices.

The International Energy Agency put OPEC's average compliance at a record 90 percent in January, and based on a Reuters average of production surveys, it stands at 88 percent.

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