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MTECHTIPS:- Oil prices dip after Lunar New Year as U.S. inventories hit record highs

Monday, February 23, 2015 5:24

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MTECHTIPS:- Oil prices dip after Lunar New Year as U.S. inventories hit record highs

Oil prices dipped in early Asian trade on Monday after much of the region returned from the Lunar New Year holiday, with Brent futures testing support around $60 a barrel and U.S. contracts hovering around $50.50. Following a steep fall from June 2014 to six-year lows, oil prices have recovered around a third of their value since mid-January, with benchmark Brent contracts jumping almost $20 a barrel to $63 a barrel last week as traders closed long-standing short positions in reaction to a falling U.S. rig count. Yet many analysts said the price rise was overblown as record U.S. inventories and slowing demand around the world left oil markets oversupplied. “U.S. crude oil prices slipped, as markets finally digested another rise in U.S. crude inventories, which offset another week of oil rig count declines,” ANZ bank said on Monday. Benchmark Brent crude futures were trading at $60.07. at 0100 GMT, down 10 cents from their last settlement, while U.S. WTI crude was down 20 cents at $50.61 a barrel.Although both U.S. WTI and international Brent prices dipped in the past week, American contracts have fallen more sharply largely in response to the record inventories. This has pulled WTI’s discount on Brent to over $9.50 a barrel, up from parity and even a short-lived premium late last year. Yet analysts said they expected U.S. prices to recover later this year, once the falling rig count translates into lower output. “Lower US drilling activity will impact U.S. production later this year,” BNP Paribas(PARIS:BNPP) said in a note over the weekend.

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