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MTECHTIPS;-Oil prices rise on report of lower U.S. crude inventories

Wednesday, February 7, 2018 8:06

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MTECHTIPS;-Oil prices rise on report of lower U.S. crude inventories

MTECHTIPS-Oil prices rose on Wednesday, lifted by a report that U.S. crude inventories fell last week, although analysts warned that soaring U.S. output and a seasonal demand drop could soon weigh on crude. Brent crude futures were at $67.44 per barrel at 0751 GMT, up 58 cents, or 0.9 percent, from the previous close. U.S. West Texas Intermediate (WTI) crude futures were at $63.88 a barrel. That was up 49 cents, or 0.8 percent, from their last settlement. The market was supported by a report by the American Petroleum Institute (API) on Tuesday saying that U.S. crude inventories fell by 1.1 million barrels in the week to Feb. 2 to 418.4 million barrels, traders said. A group of oil producers around OPEC and Russia have been withholding supplies since last year to tighten supplies and prop up prices. The cuts are set to last through 2018. Evidence points to a global inventory market that has arguably already balanced – with days of forward cover in the low single digits or possibly even lower – which should support the spot price going forward,” said Richard Robinson, manager of the Ashburton Global Energy fund. Other analysts, however, warned of the risk of lower oil prices, both from financial markets and because of weaker seasonal demand

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