US Oil Prices Fall Below $27 a Barrel

Feb 23, 2016, 17:35

The Wall Street Journal reported on Thursday said citing United Arab Emirates' energy minister that the Opec was willing to cooperate on an output cut.

Brent gained as much as 6 percent against its previous settlement and was up 4.9 per cent at US$31.53 per barrel at 0938 GMT.

The announcement, in OPEC's closely watched monthly oil report, comes after oil prices resumed their decline after members of the oil-producer group failed to agree on a production cut over the week.

Still, analysts said such a move remained unlikely and prices for Brent and U.S. West Texas Intermediate (WTI) crude were on track for weekly losses of more than 7 per cent and 11 per cent, respectively, weighed down by oversupply.

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Oil prices collapsed over the past 18 months to below $30 a barrel from as high as $115 as OPEC opened its taps to drive higher-cost producers such as U.S. shale companies out of the market.

Oil supplies from non-OPEC countries in 2015 increased by 1.32 million barrels per day - up to 56.99 million barrels per day. Opec also cut its forecast for world economic growth in 2016 to 3.2 percent from 3.4 percent and said low oil prices were hurting the economy, in contrast to previous price slides that were supportive of global growth.

"The risks of China growth concerns and oil price downside... materialized faster than we anticipated", the bank said.

It added that it did not envisage oil prices falling as low as US$10 a barrel, although it was equally hard to see how they could rise significantly.

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Production cuts at the Organization of the Petroleum Exporting Countries would help ease the global glut of crude oil that has crushed the commodity in recent months and tipped USA gasoline prices into a downward spiral.

Tehran is aiming to increase output by 500,000 bpd, which would fill most of the hole left by non-Opec members. Brent crude futures rocketed 8.5 per cent in London.

Kuwait Petroleum International (KPI) today said oil prices could reach a range of $50-$60 a barrel by mid-2017, the official state news agency reported.

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