Profile image
Story Views

Last Hour:
Last 24 Hours:

MTECHTIPS;- Brent, NYMEX gain in Asia despite API build, official data awaited

Wednesday, January 11, 2017 4:22
% of readers think this story is Fact. Add your two cents.

MTECHTIPS;- Brent, NYMEX gain in Asia despite API build, official data awaited




MTECHTIPS- Crude prices drifted higher in Asia on Wednesday, shrugging off an industry-reported build in U.S. inventories ahead of official figures later in the day from the U.S. Department of Energy. The American Petroleum Institute said late Tuesday that crude oil stocks rose 1.5 million barrels last week, above a forecast of a 900,000 barrels build. On the New York Mercantile Exchange, U.S. crude for February delivery rose 0.28% to $50.96 a barrel. Global benchmark Brent rose 0.22% to $53.76 a barrel on London’d ICE. Overnight, oversupply fears held sway, taking crude sharply lower. Worries right now focus on whether the OPEC and non-OPEC countries will adhere to their promised production cut pact, made late last year to trim nearly 1.8 million barrels per day from global markets. Iraq is still producing and selling full allocations of its oil to refiners in Asia and Europe. Clipper Data shows that a half of all Basra loading last month went into Asia. Last year, the U.S. received slightly less than 400,000 bpd from Basrah, with “Basrah Light” accounting for just over 60% of these flows, and “Basrah Heavy” accounting for the rest. Kurdish oil output, this year, is up, though, as it is not adhering to Iraqi quotas agreed upon with OPEC, according to analysts



We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.