Oil Prices Slip On US Crude Report

Crude oil futures gain on firm global cues

Tightening global supplies have also lifted oil, as the Organization of the Petroleum Exporting Countries and allies including Russian Federation have continued supply curbs.

West Texas Intermediate climbed to $66.32 per barrel, while Brent crude, the global benchmark for oil prices, were up 45 cents, or 0.6 per cent, at $70.98 per barrel - a level not seen since early December 2014.

West Texas Intermediate for March delivery jumped 63 cents to $65.10/bbl at 11 a.m. on the New York Mercantile Exchange, the highest level since December 2014.

In see-saw trading, the dollar had risen early against the euro as the single currency backed away from a three-year high.

U.S. crude oil inventories decreased and the refining sector input less crude than the previous week's average, according to a report released by the U.S. Energy Information Administration (EIA) on Wednesday.

In Europe, crude oil futures also traded higher during the late trading session on Tuesday on the improved global economic outlook as the market looked forward to the release of USA crude stocks data. Exports of US crude have mostly held above 1 million barrels a day since the end of September.




Despite falling less than analysts had expected, oil prices were buoyed by the news. "I am confident that OPEC+ ministers will discuss the issue and balance the market at a reasonable price to shape the country's budget", Alekperov added. Dollar weakness typically encourages purchases of dollar-denominated commodities like crude oil.

Gasoline reportedly shows a build of 4.12M barrels and distillates show a draw of 1.28M barrels.

EIA forecast earlier this month that US output would hit 10.3 million barrels a day this year, the highest ever annual average production. The arbitrage "gives the U.S.an incentive to export refined products".

The two largest oil producers agreed to continue with production cuts until the end of the 2018 fueling hope among some traders that oil prices could head toward the $80 mark by the end of the year.

DBS Vickers Securities is maintaining its "overweight" stance on the oil and gas (O&G) sector given the recent oil price rally, which has driven up O&G stocks to directly benefit oil majors leading the rally.

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