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MTECHTIPS;-Crude Oil Futures – Weekly Outlook: February 27 – March 3

Monday, February 27, 2017 0:52
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MTECHTIPS;-Crude Oil Futures – Weekly Outlook: February 27 – March 3  

 

MTECHTIPS- Oil futures ended lower on Friday, moving further away from the strongest level since January as concerns over rising production and swelling stockpiles in the U.S. offset optimism that OPEC and its allies have been following through on their commitment to cut production. The U.S. West Texas Intermediate crude April contract slumped 46 cents, or around 0.9%, to end at $53.99 a barrel by close of trade Friday. The U.S. benchmark reached $55.03 on Tuesday, a level not seen since January 3. Despite Friday’s losses, New York-traded oil futures tacked on 13 cents, or almost 0.3%, on the week. Elsewhere, on the ICE Futures Exchange in London, Brent oil for April delivery shed 59 cents, or about 1.1%, to settle at $55.99 a barrel by close of trade. For the week, London-traded Brent futures scored a loss of 71 cents, or around 1.3%, the third straight weekly decline. Concerns that the ongoing rebound in U.S. shale production could derail efforts by other major producers to re balance global oil supply and demand pressured crude prices. Data from oilfield services provider Baker Hughes on Friday revealed that the number of active U.S. rigs drilling for oil rose by five last week, the sixth weekly increase in a row. That brought the total count to 602, the most since October 2015. Meanwhile, the U.S. Energy Information Administration said on Thursday that crude supplies rose by 564,000 barrels last week to yet another all-time high, feeding concerns about a global glut. Oil prices have been trading in a narrow $5 range around the mid-$ 50 s over the past two months as sentiment in oil markets has been torn between hopes that oversupply may be curbed by output cuts announced by major global producers and expectations of a rebound in U.S. shale production.

 

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