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Principale » Weekly US crude oil stockpiles slip again, DoE says

Weekly US crude oil stockpiles slip again, DoE says

27 Septembre 2017

Oil futures on Tuesday fell by 0.7% on expectations US data would show a fourth consecutive weekly rise in domestic crude inventories.

New York's NYMEХ (New York Merchantile Exchange) is a United States futures market founded in 1882.

Brent November crude futures were down 14 cents at $58.30 a barrel at 0832GMT, while U.S. crude for November delivery edged up 11 cents to $51.99.

Crude oil prices edged higher on Wednesday, staying within sight of their strongest level in months amid speculation weekly supply data due later in the session will show USA crude stockpiles declined for the first time in four weeks.

USA crude stocks fell by 761,000 barrels last week as refineries boosted production, while gasoline inventories increased and distillate stocks fell, data from industry group American Petroleum Institute showed on Tuesday, in contrast with market expectations.

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Brent, the global benchmark, fell 35 cents, or 0.6%, to $58.09 a barrel on ICE Futures Europe. Analysts surveyed by The Wall Street Journal had anticipated an increase of 2.1 million barrels in crude stockpiles. USA crude inventories were seen rising for a fourth straight week, an extended Reuters poll showed on Tuesday. OPEC's crude oil production hit a 2017 high in July 2017. Analysts had anticipated a decline of 1 million barrels.

The Organisation of the Petroleum Exporting Countries and 11 rival producers, including Russian Federation, have committed to output cuts of 1.8 million bpd between January 2017 and March 2018 to help global supply align with demand. As a result, crude oil prices often rise.

"Seeing exports of US produced crude that large would pose a threat to the level that the Brent-WTI premium can go", said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut. "Any spike above $58 a barrel over the past 18 months hasn't really held", he added.

Turkish President Tayyip Erdogan repeated a threat to cut off the pipeline that carries 500,000-600,000 barrels per day (bpd) of crude from northern Iraq to the Turkish port of Ceyhan, intensifying pressure on the Kurdish autonomous region over its independence referendum.