Oil falls sharply on supply worries, stronger dollar

Tuesday, 14 August 2018 01:20 WIB



Oil futures were walloped Monday, extending early losses after data showed a pickup in production by OPEC and private report of inventories pointed to an increase in crude stocks at a key delivery hub for U.S. futures.

The U.S. benchmark, West Texas Intermediate crude for September delivery on the New York Mercantile Exchange, fell $1.76, or 2.6%, to $65.87 a barrel. Brent crude, the global benchmark slumped, with October crude trading off $1.49, or 2%, at $71.32 a barrel on the ICE Europe exchange.

Traders said the latest leg down came after Genscape, a market intelligence firm, predicted a rise in inventories at the Cushing, Okla., delivery hub for Nymex crude futures. Official Energy Information Administration data are due Wednesday morning.

The resulting weakness took futures below important support at $66.14 and then $66, said Robert Yawger, director of energy at Mizuho USA. The move comes as speculators continued to hold large net long positions.

Meanwhile, crude was already under pressure after the Organization of the Petroleum Exporting Countries earlier Monday said production by cartel members rose by 41,000 barrels a day in July even as output by Saudi Arabia fell.

Source : Marketwatch


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