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MTECHTIPS:-Oil prices fall on U.S. crude stock build; OPEC remains in focus

Thursday, November 17, 2016 3:48
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MTECHTIPS:-Oil prices fall on U.S. crude stock build; OPEC remains in focus

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MTECHTIPS- Crude oil futures dropped on Thursday after official inventory reports indicated a larger-than-expected build in U.S. oil stocks. Crude inventories in the United States rose by 5.3 million barrels in the week to Nov. 11, compared with expectations for an increase of 1.5 million barrels. The climb in inventories was mainly due to higher imports that averaged 910,000 barrels per day (bpd), according to data released by the U.S. Energy Information Administration on Wednesday. U.S. benchmark WTI crude (CLc 1) was down 25 cents, or 0.5 percent, at $45.34 a barrel at 0750 GMT. European ICE Brent (LCOc 1) crude futures fell 26 cents, or 0.6 percent, to $46.37 per barrel. “Crude oil struggled to keep its head above water after the weekly EIA showed another large rise in inventories … Stocks of crude oil jumped 5.27 million barrels, much more than expected,” Australian bank ANZ said in a note. Refining margins in all five U.S. regional petroleum districts fell in the week ended Nov. 11, Credit Suisse (SIX: CSGN) said in a weekly report on Wednesday. “The U.S. EIA produced a higher-than-expected crude inventory figure, but this was subsumed into OPEC gossip,” said OANDA senior market analyst Jeffrey Halley. “We are well into headline trading season as Nov. 30 approaches.”

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