USA oil inventory rise once again being bought - #SaxoStrats
Benchmark London ICE Brent crude futures for was down $0.75, or 1.34% at $55.37 per barrel, while the WTI Crude oil decreased $0.66, or 1.24% settling at $52.67 for the April 2017 delivery 1444 GMT.
The latest Energy Information Administration (EIA) report released on Wednesday found that USA crude inventories surged in the week ended Feb 3 by 13.8 million barrels - the second largest weekly build up on record.
Oil prices have held onto gains after an unexpected draw in USA petrol inventories pointed to higher demand in the world's biggest oil market, although bloated crude supplies meant that fuel markets remain under pressure. The sharp declines came on the back of unexpectedly big increases in USA fuel inventories, as reported by the American Petroleum Institute (API) on Tuesday.
The rise in U.S. output had lessened the impact of production-cut by OPEC and Russian Federation.
Due to oversupply, sharp improvement in oil prices in the near-future may not occur. Crude inventories rose by 14.2 million barrels in the last week increasing up to 503.6 million barrels, while expectations of analysts were by far lower standing at only 2.5 million barrels increase.
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United States crude supplies rose to 508.6 million last week, the highest since May, according to the EIA. USA crude imports rose by 1.1 million barrels a day from the previous week. Crude inventories climbed 13.8 million barrels in the week ended February 3, the Energy Information Administration said.
"We were probably seeing the last surge of OPEC output and now inventories will start decline, at least they better for the bulls' sake", Kyle Cooper, director of research with IAF Advisors in Houston, said by telephone. Should this be the case, February would see the highest US crude oil exports on record so far. "This creates upside risk to our above consensus 1.5 mb/d 2017 global demand growth forecast and could help accelerate rebalancing of the oil market".
Tension between Tehran and Washington has risen since an Iranian missile test which prompted U.S. President Donald Trump's administration last week to impose sanctions on individuals and entities linked to the Revolutionary Guards.
Goldman Sachs responded to the information with a statement that the bank still expected a gradual drain of inventories over the coming months as OPEC supply cuts bite, despite evidence that production is rising strongly in the U.S.
Iran recently reported that they have set guidance for their production of 4 million bpd by the end of March.
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