En Español



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Oil slips Wednesday after eight-session bull run on rising OPEC exports, strong dollar


LONDON
Petroleumworld 07 05
2017

Oil prices fell more than one percent on Wednesday, ending their longest bull-run in over five years, as climbing OPEC exports and a stronger dollar turned sentiment more bearish.

Benchmark Brent crude futures were down 69 cents, or 1.4 percent, at $48.92 a barrel by 0900 GMT . U.S. WTI crude futures were down 80 cents, or 1.7 percent, at $46.27 a barrel after reaching a fresh one-month high of $47.32 earlier in the session.

"High June OPEC production and the recent strengthening of the dollar should cap any attempt to push prices higher," said Tamas Varga, senior analyst at London brokerage PVM Oil Associates.

Oil exports by the Organization of the Petroleum Exporting Countries climbed for a second month in June, Thomson Reuters Oil Research data showed.

OPEC exported 25.92 million barrels per day (bpd) in June, up 450,000 bpd from May and 1.9 million bpd more than a year earlier.

The rise in exports comes despite OPEC's vow to rein in production until March 2018 and follows hot on the heels of Reuters' monthly OPEC production survey which found output jumped to a 2017 high last month as OPEC members Nigeria and Libya continued to pump more.

Traders were also eyeing weekly U.S. crude inventory data, delayed by a day due to the U.S. public holiday on Tuesday.

A Reuters poll showed analysts expect weekly crude stocks to have fallen by 2.8 million barrels. The weekly data showed a surprise rise in inventories last week. [EIA/S]



Story by Karolin Schaps from Reuters.

reuters
.com
07 05 2017 | Wed Jul 5, 2017 | 5:26am EDT

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels


 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld   / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.