US WTI crude oil futures settle down sharply on the day

Marco Green
November 15, 2017

USA crude and gasoline stockpiles rose unexpectedly last week, while distillate inventories drew, industry group the American Petroleum Institute said on Tuesday.

The contract fell today on the back of forecasts for rising US crude output and a more sanguine outlook for global demand growth from a report from the International Energy Agency.

Crude oil prices fell in Asia on Wednesday as USA industry inventory data weighed on sentiment and markets noted a more downbeat forecast for demand in 2018 by the IEA overnight.

Marketmen said trading sentiment was dampened in futures trade here after oil prices retreated in the global market due to warnings of a slowing demand and rising stock.

The IEA warned that crude markets were expected to be oversupplied in the current quarter and going into 2018. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.8 million barrels, API said.

In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November previous year.

Other reports by Click Lancashire

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