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MTECHTIPS;- Crude slips further in Asia on U.S. drillers, G 20 views

Monday, March 20, 2017 6:09
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 MTECHTIPS;- Crude slips further in Asia on U.S. drillers, G 20 views



MTECHTIPS-Crude prices fell further in Asia on Monday as the supply response of U.S. shale drillers to coordinated output cuts by OPEC and key producers and headlines from the G-20 meeting of finance ministers in Germany at the weekend dampening sentiment. On the New York Mercantile Exchange, the West Texas Intermediate crude April contract fell 0.69% to $48.97 a barrel. Elsewhere, on the ICE Futures Exchange in London, Brent oil for May delivery dropped 0.54% to $51.48 a barrel. Market views on supply and demand have divereged in recent weeks, with some anayst suggesting new demand will dry up a glut of crude on the global market, while stepped up refinery activity at the Northern Hemisphere summer approaches willa id that effort. Last week, oil futures settled a few pennies higher on Friday, tallying their first weekly gain in three weeks amid expectations that global crude producers will extend their agreement to cut output beyond June. Oil found some support after Saudi Energy Minister Khalid al-Falih said on Thursday the cuts by OPEC and non-OPEC countries could be extended beyond June if stockpiles stayed above a long-term average. OPEC and non-OPEC producers such as Russia agreed in November last year to reduce output by almost 1.8 million barrels per day to 32.5 million for the first six months of 2017, but so far the move has had little impact on inventory levels. OPEC’s latest monthly report showed global oil stocks in January rose to 278 million barrels above the five-year average. A poll of market analysts showed on Friday that OPEC will have to extend its oil output curbs beyond June as a revival in crude production outside the group, specifically in the U.S., may scupper its efforts to erode an overhang of unused inventory

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