• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      January 21, 2021

      Companies

      Total Nigeria, Mixta, Valency, list new CPs on FMDQ platform to enhance financial markets development

      January 19, 2021

      Finance

      Amidst N32.22trn public debt, analysts say Nigeria’s external debt service manageable

      January 19, 2021

      Finance

      Stringent regulations, business environment forced Stanbic IBTC out of BDC business

      January 15, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Markets

      Nairobi Stock Exchange pushes expansion plans with more listings in 2021, says CEO

      January 23, 2021

      Africa Investment Forum

      Africa’s $60bn losses in illicit capital flows due to multinationals’ tax avoidance, says AfDB Adesina

      January 22, 2021

      Frontpage

      Covid-19 vaccine: Nigeria, 54 others to benefit from African Union’s 270m doses

      January 21, 2021

      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      January 21, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Companies

      Appeal Court suspends order against shutting of SEPLAT headoffice

      January 23, 2021

      Frontpage

      OPEC welcomes push for electric vehicles, but says fossil fuel remains strong

      January 21, 2021

      National: Governance, Policy & Politics

      Nigeria ramps up domestic LPG consumption above 1MMT, says PPPRA

      January 20, 2021

      Companies

      TIPP Oil, German lubricant maker, targets 2021 Nigeria launch with eco-friendly scheme  

      January 19, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Misconstruing Data Protection Officer function within organisations

      5 hrs

      Analyst Insight

      CBN meeting and NSE in focus

      January 18, 2021

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      January 18, 2021

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      January 18, 2021

Frontpage

Oil falls after industry report shows jump in crude stockpiles

March 6, 2019489 views0 comments

Oil declined after an industry report showed a massive increase in U.S. crude stockpiles, raising oversupply concerns.
Futures fell as much as 1.3 percent in New York, after closing lower on Tuesday. U.S. inventories swelled by 7.29 million barrels last week, the American Petroleum Institute was said to report. If confirmed by government data due Wednesday, it would be the biggest increase in six weeks. The OECD cut its outlook for global economic growth again amid trade tensions and political uncertainty.
Government data is forecast to show an increase in stockpiles
Though crude prices rallied more than 25 percent in the first two months of the year, the gains have fizzled. The Organization of Petroleum Exporting Countries and its partners have been cutting output to prevent a glut, and sanctions on members Iran and Venezuela are also tightening supply, but fragile oil demand and booming American output threaten to frustrate their efforts.
“The message is clear: the U.S. remains well-supplied and will continue to do so as oil production inches further into record territory,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. in London.
West Texas Intermediate for April delivery slipped as much as 76 cents to $55.80 a barrel on the New York Mercantile Exchange and traded 58 cents lower at 8:40 a.m. local time.
Brent for May settlement was at $65.68 a barrel, down 18 cents, on the London-based ICE Futures Europe exchange. The global benchmark crude’s premium over WTI for the same month widened to $9.29 a barrel.
The reported gain in U.S. oil stockpiles is significantly higher than the 1.45-million-barrel median analyst forecast in a Bloomberg survey. Inventories dropped by 8.65 million barrels in the week ended Feb. 22 following five weeks of builds.
The supply rise in the world’s biggest crude consumer is undermining efforts by OPEC and its allies to cut production to avert an oversupply. Saudi Arabia’s energy minister, Khalid Al-Falih, said last week that American inventories are “brimming” and it’s leaning toward extending production curbs beyond June.
Investors are also looking for a breakthrough on U.S.-China trade talks that have dragged on for the past several weeks. While the nations are said to be close to an agreement, American Secretary of State Mike Pompeo said President Donald Trump is ready to walk away unless he secures a “perfect deal.”
“The U.S.-China trade talks are a complicated process,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “I think it might be dawning on oil traders that a comprehensive agreement might be weeks or even months away, rather than the days they might have been looking at.”

Read Also:

  • NNPC receives $120.49m crude oil receipt in September  
  • Insurers should adopt user-first, omnichannel approach to improve…
Share on Facebook Tweet Email
PreviousSwedish banking troubles seen making krona recovery more distant
NextCBN releases IFRS 9 implementation guidelines for other financial institutions

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Will Parler Prevail in Its Antitrust Case Against Amazon?
  • Why Universal Basic Income Should Be President Biden’s Top Priority
  • Safety and customer experience in aviation
  • CBN’s 300,000MT: A drop in ocean of Nigeria’s maize crisis
  • Will 2020 Be Seen as the Year of the SPAC Bubble?

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

FIRS shifts focus in 2019 to 85,000 millionaires defaulting in tax payment

Frontpage February 9, 2019

1
2

Nigeria’s share index up 0.50% on bargain hunting in MTN, Zenith Bank, Nigerian Breweries stocks

Frontpage September 23, 2020

3

System liquidity dynamics to sustain positive performance in T-bills market

Frontpage April 22, 2018

4

CBN: Why Credit Easing Will Not Increase Non-performing Loans

Frontpage October 11, 2019

5

Konga mulls listings on New York, London, Nigerian stock exchanges

Frontpage August 4, 2020

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.