Oil prices edge up as USA dollar weakens

Oil prices edge up as USA dollar weakens”

Crude prices had briefly pared losses after the EIA reported that us inventories rose by 2.4M barrels in the last week, which was below analyst expectations for a 2.7M-barrel increase.

At just below 11 million bpd, only Russian Federation now produces more crude oil than the United States, although the International Energy Agency (IEA) expects even this to change as the United States is set to surge past 11 million bpd by late 2018.

USA 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 edge up as USA dollar weakens

It also forecast that the US will cover at least 80 percent of world demand for crude as demand steadily expands over the next five years, with China and India becoming the two top importers of the commodity. April WTI crude dropped $1.71, or 2.7%, to trade at $60.89 a barrel on the New York Mercantile Exchange.

And weekly figures from the American Petroleum Institute released Tuesday showed USA crude inventories rose by 5.66 million barrels for the week ending Friday, the second consecutive week-over-week increase.

Brent crude futures were down 3c at $64.31 a barrel by 10.05am GMT.

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Cohn's resignation came after he lost a fight over Trump's plans for hefty steel and aluminum import tariffs.

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.

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. Traders said this news may be an indication that the Trump Administration is not as serious as suspected about implementing the tariffs.

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Meanwhile, gasoline stocks fell by 788,000 barrels, a smaller decline than the 1.2 million barrel drop forecast by analysts in a Reuters poll.

Nevertheless, the US stands to dominate global oil markets for years to come, satisfying 80 percent of global demand growth to 2020, the International Energy Agency said Monday. The global benchmark traded at a $3.38 premium to May WTI. The administration is considering clamping down on Chinese investments in the USA and imposing tariffs on a broad range of imports to punish Beijing for its alleged theft of intellectual property, according to people familiar with the matter. That compares with a 2.5-million-barrel build in the previous week.

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