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Oil prices mixed Friday after edging up from two-week lows; set for weekly drop


By Aaron Sheldrick

TOKYO
Petroleumworld 03 02 2018

U.S. oil prices were mixed on Friday, after three days of declines, but any gains were limited as Asian share markets extended a selloff on Wall Street after news of planned U.S. tariffs on steel and aluminum raised fears of a trade war.

U.S. crude is on track for a 4 percent drop this week, its first weekly decline in three, having given up much of the gains in recent weeks when sentiment was boosted by a fall in inventories at the Cushing delivery point for WTI.

“The market is not showing any obvious signs of turning around the mood. We are being driven by the pick up in U.S. inventories and in general terms the market went a bit to far too soon,” said Ric Spooner, chief market analyst at CMC Markets in Sydney.

“Then we have the volatility in the U.S. dollar and the implications of the tariff news to factor in,” he said.

U.S. crude stocks USOILC=ECI rose last week even as refineries hiked output, increasing by 3 million barrels, compared with expectations for an increase of 2.1 million barrels.

Still, stocks fell again at Cushing in Oklahoma, with inventories USOICC=ECI down by 1.2 million barrels, the 10th consecutive week of declines, the Energy Information Administration said this week.

“Although destocking in Cushing has continued, with stocks there falling below 30 million barrels for the first time since late 2014, the overall increase in U.S. oil stocks has overshadowed the good news,” Fawad Razaqzada, market analyst at Forex.com, said in a note.

The Organization of the Petroleum Exporting Countries (OPEC) will hold a dinner on Monday in Houston with U.S. shale firms, the latest sign of the producer group widening talks about how best to tame a global oil glut.

U.S. crude output slipped in the last month of 2017, but in November hit an all-time high of 10.057 million barrels per day (bpd). Weekly data showed another record and further gains are expected.

 



Story by Aaron Sheldrick; Editing by Richard Pullin and Christian Schmollinger from Reuters.

reuters.com 03 02 2018 04:56 GMT

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