|09-17-2014, 09:05 PM||#1|
Crude oil prices retreat after U.S. inventories report
Crude oil prices declined on Wednesday after a bigger-than-expected increase in weekly U.S. crude inventories.
U.S. crude stocks rose more than twice as much as expected week-on-week, the Energy Information Administration said, as refineries cut output and imports jumped. Crude inventories were up 3.7 million barrels, compared with analysts` expectations for a decrease of 1.6 million barrels.
Before the EIA report, West Texas Intermediate (WTI) crude was trading down at around $94.20 a barrel, about 0.7% below Wednesday’s closing price of $94.88. The WTI price slipped to around $93.95 shortly after the report was released.
-WTI crude oil futures for October delivery fell 0.72% or 68 cents to $ 94.20 per barrel
For the past week, crude imports averaged more than 8.1 million barrels a day, up by about 493,000 barrels a day over the previous week. Refineries were running at 93% of capacity, with daily input of more than 16.3 million barrels a day, about 28,000 barrels a day below the previous week’s average.
WTI crude prices have risen from below $92 a barrel a week ago to more than $94 a barrel. The inventory increase reflects lower refinery throughput last week. Pump prices continue to drop as winter-grade fuel makes its way to retailers.
The strong dollar remains a significant headwind for oil, as it makes commodities priced in dollars more expensive for buyers using other currencies.
-October Brent was last down 16 cents at $ 98.89 per barrel
Brent had been boosted by a statement from Abdullah al-Badri, the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), saying that the group could trim its 2015 output target by 500,000 barrels per day (bpd).
On Wednesday, others in OPEC were cautious. The group may not need to cut its oil output target at a meeting in November, a Gulf OPEC delegate and other OPEC sources said, as strengthening demand in coming winter months should support oil prices.
The market hoped this might help reduce a global supply glut, which has weighed on physical crude prices in northwest Europe and prompted traders to put large volumes of crude into storage.
Many OPEC countries need oil prices above $100 a barrel in order to meet their budget needs and analysts say Saudi Arabia, OPEC`s biggest producer, could cut production in an effort to support prices. Any production cut by OPEC, due to meet in November, would be the group`s first since 2008.
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