Oil tumbles after China slaps tariffs on USA goods
08 April, 2018, 02:14 | Author: Salvatore Jensen
The light WTI crude oil rose by 0.4% to 63.64 United States dollars per barrel.
Futures were little changed in NY.
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.
"OPEC's production cuts are working and we are seeing a steady decrease in a global supply glut", Ahn Yea Ha, a commodities analyst at Kiwoom Securities, said by phone.
Total products supplied over the past four-week period averaged over 20.9 million barrels per day, up by 7 percent from the same period a year ago.
Brent crude futures were up 29 cents to $68.31 a barrel at 11:27 a.m. EDT (1527 GMT). US West Texas Intermediate (WTI) crude for May delivery was down 4c at $63.33 a barrel. The global benchmark crude traded at a $4.62 premium to June WTI.
Yuan-denominated oil futures on the Shanghai International Energy Exchange were little changed at 402.3 yuan a barrel after the September-delivery contract closed 3.4% lower on Tuesday.
Brent crude futures fell $1.23 on the day to $66.89 a barrel by 0918 GMT, bringing losses for the week so far to almost 5 percent.
Despite their numbers, Russian Federation and Saudi Arabia say they will set up a joint mechanism to govern OPEC and NOPEC cooperation will be set up by the end of the year, with talk at an energy conference in Baghdad suggesting that the supply freeze may have to be extended, instead of cut short. Gasoline stocks dropped by 1.1 million barrels, just under analysts' expectations for a drop of 1.1 million barrels.
Moreover, the oil output in Venezuela continues to decline. But prices rebounded after U.S. crude inventories fell by 4.6-million barrels last week, compared with analysts' expectations for an increase of 246,000 barrels, according to Energy Information Administration (EIA) data.
Oil prices steadied on Thursday as an easing of trade tensions between the USA and China and a surprise draw in U.S. crude inventories last week supported the market. Contributions of 200 words or more will be considered for publication.
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