Crude oil futures fall Rs 26 on weak global cues

Dec 07, 2017, 01:06

Distillates rose by 4.26 million barrels.

Crude oil prices held mostly steady in early Asia on Wednesday as the market mulled the latest United States industry weekly inventory estimates and monitored geopolitical risks.

West Texas Intermediate for January delivery was at $57.27 a barrel on the New York Mercantile Exchange, down 35 cents, at 9:46 a.m. London time.

WTI Crude Oil (Light Sweet) price at NYMEХ Stock Exchange down by 1.32% to $57.59 per barrel. Brent oil for February gave up $1.64, or 2.6%, to $61.22 a barrel on the ICE Futures Europe exchange, its lowest since November 2.

US crude inventories dropped by 5.48 million barrels last week, the API said Tuesday, according to people familiar with the data. A day later, however, the EIA reported a 3.4-million-barrel draw, more in line with analyst expectations. The US rig count climbed again for the week ending 1st December 2017.

Despite this, some analysts said they expected refining margins to remain healthy into 2018.

Gasoline stockpiles jumped by 6.8 million barrels for the week, while distillate stockpiles added 1.7 million barrels, according to the EIA.

Domestic refineries operated at 93.8% of operable capacity last week, up from 92.6% a week earlier, the EIA data showed.

On paper the report was mixed with the crude oil number bullish and the fuel numbers bearish. Inventories were at their lowest since October 2015.

US crude production continued to edge higher, with total domestic output at about 9.7 million barrels a day last week, up 25,000 barrels a day, according to the EIA.

Oil prices plummeted today, witnessing a free fall as weak equities clubbed with persistent profit selling pressure after recent gains hurt the sentiments. An extension had been largely priced in but rising US oil production has been a key concern for the market.

"Robust global demand and tight supplies should see Brent crude oil rise to $70 per barrel by mid-year (2018)", said Bank of America Merrill Lynch in its 2018 outlook.

YOU MIGHT ALSO LIKE
  • Amazon Prime Video hits Apple TV

    Amazon Prime Video hits Apple TV

    Now, with the new app, it will be far more convenient for users to enjoy their favorite shows and movies on the Prime Video. With this addition of the Amazon Prime Video app on the Apple TV, it ends a long standoff between Amazon and Apple .
    Next year's flagships may use Samsung's new 512GB internal flash storage

    Next year's flagships may use Samsung's new 512GB internal flash storage

    The technology behind this new flash storage solution is based on Samsung's current 48-layer 256 gigabit (Gb) V-NAND chips. That's eight times faster than a microSD card and equivalent to transferring 5GB of HD video to an SSD in six seconds.
    Mueller subpoenas Deutsche Bank over loans to Trump

    Mueller subpoenas Deutsche Bank over loans to Trump

    Deutsche Bank, the largest bank in Germany, has lent the Trump organisation hundreds of millions of dollars for real estate deals. Camera IconRobert Mueller has asked a German bank to look at account information of Donald Trump and his family.
  • Words make friends: Young rapper meets elderly gaming partner for first time

    Words make friends: Young rapper meets elderly gaming partner for first time

    Sweet day today with Spencer and his #wordswithfriends friend, Roz, watching them bond in person for the first time. Although, Sleyon hadn't played " Words With Friends " for about a year, he still considered Guttman a good friend.
    Trump Tells Moore To 'Go Get 'Em' In Phone Call

    Trump Tells Moore To 'Go Get 'Em' In Phone Call

    By November 21, Trump was defending Moore, saying that Moore's denial of his accusers' accounts should be respectfully considered. The poll also found 71 percent of Alabama Republicans believe the allegations of misconduct against Moore are completely false.
    International Space Station crew member's wish comes true with pizza party

    International Space Station crew member's wish comes true with pizza party

    It shows astronauts playfully using the lack of gravity to spin the pizza on their fingers and pass them in front of the camera. His video clocked up more than 93,000 views since Sunday and prompted a few comments about the quality of the pizza.
  • Back Up, Curse Of Osiris Released]

    Back Up, Curse Of Osiris Released]

    The studio has not yet released full patch notes for update 1.1.0; we'll amend this article with details once they're available. An update has been pushed to Destiny 2 on the Xbox One X that enhances the game's visuals on the new console.
    Patriots' Gronkowski suspended one game for late hit

    Patriots' Gronkowski suspended one game for late hit

    I'm not in the business of that", Gronkowski told reporters after the game " It was a lot of frustration. It was unclear what McDermott said to Belichick to elicit that response from the Patriots coach.
    25th anniversary of the world's 1st text message

    25th anniversary of the world's 1st text message

    And we can see that continuation through to today when we have hundreds of thousands of applications on our smartphone. Overall, some 8 trillion (yes, TRILLION!) texts are sent each year, which again does not include app-to-app messages.
  • Steinhoff shares sink as CEO Jooske leaves amid 'accounting irregularities'

    Steinhoff shares sink as CEO Jooske leaves amid 'accounting irregularities'

    The group said in a stock exchange announcement: "Steinhoff will update the market as the aforesaid investigation proceeds". South African billionaire and chairman of the company, Christo Wiese, will run the company on a temporary basis.
    2 students shot near Washington high school, police say

    2 students shot near Washington high school, police say

    The Pierce County Sheriff's Office says two students were shot at Graham-Kapowsin High School in Graham Tuesday afternoon. But before the fight started, someone in the getaway auto fired multiple rounds, hitting the two students. "Pretty scary.
    International Olympic Committee  bans Russian Federation  from Winter Olympics

    International Olympic Committee bans Russian Federation from Winter Olympics

    The IOC also imposed lifetime Olympic ban on Russian Deputy Prime Minister Vitaly Mutko, organizer of soccer's 2018 World Cup. Athletes in other Summer Olympic sports could compete only if certified by their respective worldwide federations.
popular