U.S. Oil Dips Lower on Latest Sign of Rising Supply, Splits With Brent

Wednesday, 6 March 2019 20:06 WIB

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Major oil benchmarks took to split paths for a second straight session Wednesday, with U.S.-focused WTI easing on a fresh sign of rising U.S. inventories.

West Texas Intermediate crude for April delivery fell 39 cents, or 0.7%, to $56.17 a barrel on the New York Mercantile Exchange, while May Brent tacked on 2 cents, or less than 0.1%, to $65.88 a barrel ICE Futures Europe.

The ICE U.S. Dollar index moved higher, weighing on commodities, including oil, that are priced in the unit. U.S. stocks headed for a sluggish start, failing to get fresh traction as a wait-and-see mood over U.S.-China trade finalization takes hold and with little reaction so far to China’s economic stimulus measures.

U.S. oil prices ended slightly lower on Tuesday after China cut its economic growth target for this year to between 6% and 6.5% and on news that Libya planned to boost crude production following the reopening of its largest oil field. Prices for global benchmark Brent crude, however, managed to finish modestly higher Tuesday, getting a lift from ongoing cuts among members of the Organization of the Petroleum Exporting Countries and their allies.

Source : Marketwatch




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