Sábado, 23 Setiembre, 2017

Oil prices regain some ground, but oversupply weighs

Malita Javier | 21 Abril, 2017, 03:21

Oil prices wavered between small losses and gains Thursday, buffeted by continued concerns about growing US crude production that were offset by signals that other major producers remain in favor of extending their output-cut agreement into the second half of the year. Oil prices will increase as demand improves, chipping away at oil inventories in the second half, he said.

At a press conference in the United Arab Emirates, Saudi Energy Minister Khalid al-Falih said that "there is consensus building but it's not done yet".

Oil fell to a two-week low on Wednesday, after a surprising build in US gasoline inventories and a rise in domestic crude output that is partially offsetting cutbacks by other countries trying to reduce a global glut.

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Both benchmarks had traded more than 50 cents higher earlier in the day, but gains eased at the start of US trading hours.

June Brent crude on London's ICE Futures exchange rose 8 cents, or 0.2%, to $52.99 a barrel.

The continued growth in USA production and the rise in stockpiles forced the market to respond bearishly based on the increased inventory outlook.

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En cada Asic se aglutinan todos los servicios que ofrece el Sistema Público de Salud a través de sus redes: consultorios populares, ópticas, unidades de odontología, los CDI, las SRI, hospitales, la red ambulatoria especializada, entre otros servicios.

OPEC members Saudi Arabia and Kuwait signaled that an effort by the Organization of the Petroleum Exporting Countries and other producers, including Russian Federation, to cut oil output was likely to be extended beyond June. Despite a drop in US crude stocks last week, an unexpected 1.5-million-barrel build in gasoline stocks drove prices more than 3.5 percent lower on Wednesday.

"The domestic increases continue to not only offset overseas production cuts, but potentially more importantly, they also weigh on OPEC's morale as they are watching market share continue to slip away as a result of their own policy actions", he said in his latest report.

"With questions hanging over USA gasoline demand, any further product builds will act as a brake on the oil price recovery", he said.

USA working with allies to pressure North Korea
The announcement followed an inaugural meeting Tuesday of the U.S. -Japan Economic Dialogue in Tokyo chaired by visiting U.S. The U.S.is trying to ratchet up pressure on North Korea to abandon its nuclear weapons and ballistic missile programs.

Oil markets are on path to recovery due to measures taken by Opec and non-Opec members to cut production by 1.8 million barrels per day from January this year, secretary general of Opec said at the third GCC petroleum media forum that kicked off in Abu Dhabi on Wednesday. Distillate stocks reached their lowest levels since November 2015, the EIA said.

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