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WTI Crude Oil Violates Support - Global Economic Worries Dominate
07 February 2019, 01:56 | Hattie Nash
Oil Edges Up As Market Eyes Tighter Supply | NTA.ng - Breaking News, Nigeria, Africa, Worldwide
"Despite several forays in WTI above our prior resistance of $55, the market continues to draft back down largely under the pressure of this week's stronger dollar", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
Oil fell 1 percent on Wednesday after a report showed a rise in USA crude inventories, while concerns about the impact of us sanctions on Venezuela on global supplies eased.
However, US crude stocks rose last week even as refineries boosted output, while gasoline and distillate stocks increased, data from industry group the American Petroleum Institute showed on Tuesday. They closed down 1.3 percent on Monday, after earlier touching their highest since November 21 at $55.75 a barrel.
The official, who is also Venezuela's representative to OPEC, added that Caracas would do everything possible to minimise the effects of United States sanctions on the oil and gas giant on the market.
"You have the sanctions on Venezuela, on top of the reduced supply from Saudi Arabia", Olivier Jakob, oil analyst at Petromatrix, said as cited by Reuters. "There's no sign of overhang in the crude oil markets".
A report published by the US Energy Information Administration (EIA) last week showed that the country's oil production averaged a record 11.9 million barrels a day in November, up 345,000 from October and up almost 1.8 million compared with November 2017's average figures.
Russia has been in full compliance with its pledge to gradually cut its oil production, Russian Energy Minister Alexander Novak said in a statement on Monday, adding that production fell by 47,000 barrels per day (bpd) in January from October.
United States sanctions on Venezuela have been viewed as supportive for prices by helping tighten global supplies. The surge comes shortly after Washington slapped sanctions on the Venezuelan state oil company PDVSA.
The producers' alliance, known as OPEC+, began cutting production from last month to avert a new supply glut. US crude was down 48 cents at $53.18.
Also dampening market sentiment still were worries about weaker global economic growth and the US-China trade dispute.
Meanwhile, hopes for thawing China-US relations have also helped ease concerns over slowing economic growth.
US President Donald Trump last week said he would meet with Chinese President Xi Jinping, perhaps twice, in the coming weeks to try to seal a comprehensive trade deal with Beijing, but acknowledged it was not yet clear whether a deal could be reached.
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