Oil’s losing its grip on the highest price in more than three years before a raft of inventory and production data from the U.S. government to the Organization of Petroleum Exporting Countries.
Figures from the Energy Information Administration on Thursday are forecast to show weekly U.S. stockpiles fell for a ninth week, while OPEC’s monthly report the same day will provide a snapshot on compliance to the supply pact with Russia. The International Energy Agency follows Friday with its own take on the state of the market. Futures decreased 0.2 percent New York after slipping 0.9 percent on Tuesday as technical indicators showed prices are overbought.
West Texas Intermediate for February delivery was at $63.62 a barrel on the New York Mercantile Exchange, down 11 cents, at 12 p.m. in Hong Kong. Total volume traded was about 26 percent below the 100-day average. There was no settlement Monday because of the Martin Luther King Jr. holiday in the U.S., and all transactions were booked Tuesday.
Brent for March settlement fell 14 cents to $69.01 a barrel on the London-based ICE Futures Europe exchange after losing 1.6 percent on Tuesday. The global benchmark crude traded at a premium of $5.45 to March WTI.
Source : Bloomberg