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MTECHTIPS:-Oil pushes higher as focus shifts to U.S. stockpile data

Wednesday, February 15, 2017 2:58
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MTECHTIPS:-Oil pushes higher as focus shifts to U.S. stockpile data

 

MTECHTIPS- Oil prices pushed higher during North American morning hours on Tuesday, as market players looked ahead to weekly data from the U.S. on stockpiles of crude and refined products. Industry group the American Petroleum Institute is due to release its weekly report at 4:30 PM ET (21:30 GMT) later on Tuesday. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock rise of 3.2 million barrels. Crude oil for March delivery on the New York Mercantile Exchange tacked on 71 cents, or around 1.4%, to $53.65 a barrel by 9:25 AM ET (14:25 GMT), after losing 93 cents, or 1.7%, a day earlier. Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London rose 82 cents, or about 1.5%, to $56.41 a barrel. The global benchmark lost $1.11, or nearly 2%, on Monday. Futures have been trading in a narrow $5 range around the lower-to-mid-$ 50 s since December 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. U.S. drilling activity has risen by almost 7% since mid-2016, taking it back to levels seen in late 2014, when strong U.S. crude output contributed to a collapse in oil prices. The revival in U.S. drilling has raised 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

 

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