Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Commodities  >  WTI       

WTI
My previous session
Most popular
Delayed Quote. Delayed  - 08/14 09:09:37 pm
67.08 USD   -0.46%
05:25pOil Ticks Up Amid Supply Risks
DJ
05:16pNEWS HIGHLIGHTS : Top Energy News of the Day
DJ
03:06pIndia's Exports Growth Remains Strong in July
DJ
SummaryQuotesChartsNewsAnalysis 
News SummaryAll newsTweets

Oil Falls Further Amid Fears of Surging U.S. Output

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/09/2018 | 01:09pm CEST
By Neanda Salvaterra 

Oil prices fell further Friday as investors continue to worry about a surge in U.S. production and the selloff in equity markets.

Brent crude, the global oil benchmark, fell 0.8% to $64.31 a barrel on London's ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 1.1% at $60.48 a barrel. Brent has retreated nearly 6 % this week.

Crude has edged down because of "the profit taking from investors who propped up prices to over $70 dollar Brent over the last month," said Eugen Weinberg, head of commodities research at Commerzbank. "The timing probably has something to do with over speculation and an overheated market, but fundamentally things are going to head down from here."

Until recently, oil prices have been buoyed by production cuts from the Organization of the Petroleum Exporting Countries and other large producers among other threats to supply.

Now the market fundamentals are changing as recent increases in prices brings more oil out of U.S., some analysts say.

Last year investors where lulled into complacency that "this time it is different" and American producers won't ramp up output, said Olivier Jakob, managing director of Petromatrix. But that narrative proved to be false.

"U.S. producers have reacted in style to the rising oil prices and have accelerated the pace of growth of U.S. crude oil production," said Mr. Jakob.

U.S. oil inventories are creeping up after having fallen at the end of last year and output has edged above 10 million barrels a day.

The downturn in the oil market is also coming amid a selloff in the equity markets, as investors there fret about the potential for higher inflation and central bank action. Stocks in Europe and Asia were on pace on Friday for their worst week in two years after a late slump Thursday pushed the Dow Jones Industrial Average and S&P 500 into correction territory.

While that has not pushed investors to dump so-called riskier assets wholesale, oil has suffered as more speculative investors sell out of bets that crude prices will continue to edge up.

Analysts will see just how far this has happened later Friday, with the publication of net speculative positions from the London's ICE Futures exchange and other major exchanges.

Also later Friday, Baker Hughes Inc. is set to release its weekly data on the number of rigs drilling for oil in the U.S., a bellwether for activity in the sector.

Nymex reformulated gasoline blendstock -- the benchmark gasoline contract -- fell 0.1% to $1.76 a gallon. ICE gasoil changed hands at $569.75 a metric ton, down $1.50 from the previous settlement.

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.57% 25187.7 Delayed Quote.1.90%
NASDAQ 100 0.68% 7450.9163 Delayed Quote.15.71%
NASDAQ COMP. 0.69% 7873.0052 Delayed Quote.13.27%
S&P 500 -0.40% 2821.93 Real-time Quote.5.97%
WTI -0.45% 67.08 Delayed Quote.12.80%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WTI
05:25pOil Ticks Up Amid Supply Risks
DJ
05:16pNEWS HIGHLIGHTS : Top Energy News of the Day
DJ
03:06pIndia's Exports Growth Remains Strong in July
DJ
01:32pOil Ticks Up Amid Supply Risks
DJ
01:16pNEWS HIGHLIGHTS : Top Energy News of the Day
DJ
11:08aSonangol in Talks to Sell Stake in Galp -Jornal de Negocios
DJ
10:16aNEWS HIGHLIGHTS : Top Energy News of the Day
DJ
10:06aENI : Granted New Exploration License Offshore Egypt
DJ
08:44aRWE Reports Lower 1st Half Earnings, Backs 2018 View -- Update
DJ
07:54aRWE Reported Lower 1st Half Earnings, Backs 2018 View
DJ
More news
Chart WTI
Duration : Period :
WTI Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends WTI
Short TermMid-TermLong Term
TrendsBearishNeutralBullish