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Oil Prices Rebound After EIA Reports Build In Crude Inventories

Oil Prices Rebound After EIA Reports Build In Crude Inventories

Vessel-tracking and port data suggest Asian imports of US crude were equivalent to about 560,000 barrels per day (bpd) in February, down sharply from 676,190 bpd in January.

The U.S. Energy Information Administration said in a monthly report it expected fourth-quarter U.S. crude output to reach an average of 11.17 million bpd, up from its forecast a month ago of 11.04 million bpd.

U.S. oil product stockpiles fell last week despite a sharp rise in the country's imports of crude and a large increase in domestic output.

Oil prices rose on Tuesday, supported by a weaker dollar but USA crude's gains were limited by expectations for a weekly rise in US crude stockpiles.

Brent crude futures were at $64.49 per barrel at 0100 GMT, up 15 cents, or 0.2 per cent, from their previous close.




USA oil prices were under pressure from expectations that weekly crude inventory data from the US government, due on Wednesday, would show a second straight rise.

The retreat by oil producers during an oil-price plunge between 2014 and 2016, however, continues to raise the specter that not enough money has been spent on exploration, which can result in shortages and price spikes. The report's out a day after the S&P 500 futures dropped 1 percent on the news that President Trump's advisor Gary Cohn had handed in his resignation - a move seen widely as fueling further worry about a possible global trade war if the United States approves Trump's proposal for a 25-percent import tariff on steel and a 10-percent levy on aluminum.

Crude inventories rose by 5.661 million barrels in the week to 426.880 million barrels, data from the American Petroleum Institute showed on Tuesday. Declines in the equity market, a rising dollar and concern that Trump's tariff threats will spark a trade war acted as a downward force on crude oil. Last week's API report showed a build in gasoline inventories of 1.914 million barrels.

That will most likely require rising shale oil output, a levelling out of US refinery demand and ongoing OPEC curbs to keep prices other than WTI at elevated levels. The global benchmark traded at a $3.38 premium to May WTI.

Crude inventories rose by 2.4 million barrels in the week, which was less than the 2.7 million barrel increase analysts had forecast. And the U.S.is set to become part of the top five global crude exporters, according to consultant Wood Mackenzie Ltd.

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