Crude Oil Prices Slip After Posting Strong Gains

Crude Oil Prices Slip After Posting Strong Gains

Gold Silver Reports → Crude Oil Prices Slip After Posting Strong Gains the previous session on the back of an expected drop in U.S. production, but which analysts expect to be countered by rising output from Iran.

U.S. front-month West Texas Intermediate (WTI) crude futures CLc1, were trading at $33.10 per barrel at 0118 GMT (8.18 p.m. ET), down 29 cents from their last settlement. International benchmark Brent LCOc1 was down 21 cents at $34.48 a barrel.

Tuesday’s dips came after strong gains in the previous session on the back of an expected fall in U.S. oil production this year.

Production of shale oil is expected to drop by 600,000 barrels per day (bpd) this year and a further 200,000 bpd in 2017, according to the International Energy Agency (IEA).

Yet analysts said that the gains were part-reversed by the prospect that rising Iranian production following the end of international sanctions, which will prolong oversupply. Currently 1-2 million of barrels of crude is produced every day in excess of demand.

“Crude supply growth from Iran will more than compensate for any decline in U.S. output,” ANZ said.

The IEA said that in the longer term, U.S. production would also recover thanks to improving cost efficiency, lifting output to a record 14.2 million bpd by 2021, compared with a peak of over 9.5 million bpd in 2015.

The expected resurgence of U.S. shale oil production will cap a recovery in the coming years in the price of oil, which is expected to reach $80 per barrel by 2020, IEA Director Fatih Birol said at a news conference in Houston, Texas.   → Neal Bhai Reports

  • क्रूड की 6 फीसदी तेजी और ग्लोबल बाजार से अच्छे संकेत से दुनियाभर के बाजारों में तेजी लौटती दिखी। अमेरिकी बाजारों में डाओ जोंस में 200 अंक से ज्यादा की बढ़त दर्ज की गई और यूरोप में भी 2 फीसदी का उछाल देखा गया।

  • कच्चे तेल में जोरदार बढ़त से वैश्विक बाजारों में तेजी लौटी। शेल तेल
    उत्पादन 6 लाख बैरल घटने की आशंका से तेल में रिकवरी आई। तेल का उत्पादन
    घटाने के लेकर ओपैक देशों में बातचीत जारी है। वहीं युआन में स्थिरता आने
    से चीन समेत अमेरिकी बाजार में तेजी का जोरदार दौर देखा गया। अमेरिकी
    बाजारों में फरवरी मैन्यूफैक्चिरिंग पीएमआई 51.0 पर रही और आज सर्विस
    पीएमआई और तेल भंडार के आंकडें आएंगे।

  • अमेरिकी बाजारों में डाओ जोंस 228.67 अंक यानी 1.40 फीसदी की उछाल के साथ 16,620 पर बंद हुआ है और नैस्डेक कम्पोजिट 66.18 अंक यानी 1.47 फीसदी की जोरदार तेजी के बाद 4,570 पर बंद हुआ है। एसएंडपी 500 इंडेक्स में 27.72 अंक यानी 1.45 फीसदी की बढ़त के बाद 1,945 पर बंद मिला।


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