🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Oil futures mixed, face weekly decline as glut fears persist

Published 22/07/2016, 10:50 am
© Reuters.  Oil futures mixed, face weekly decline as glut fears persist
LCO
-
CL
-

TOKYO, July 22 (Reuters) - Crude oil futures were mixed in early Asian trading on Friday after big falls in the previous session as investors reassessed U.S. data showing growing supplies of petroleum, while Iraqi crude exports are on the rise.

U.S. West Texas Intermediate (WTI) crude was down 2 cents at $44.73 a barrel at 0136 GMT. The contract fell 2.2 percent, the previous day.

Brent crude LCOc1 was up 5 cents at $46.25 a barrel. The global benchmark closed 97 cents, or 2.1 percent, lower on Thursday. Brent is on track for a decline of around 3 percent this week.

Iraq's oil exports are set to rise in July, according to loading data and an industry source, putting supply growth from OPEC's second-largest producer back on track after two months of declines. in 2015 provided OPEC's biggest rise in supply. The growth has slowed this year due to maintenance and technical problems, and Iraqi officials say seasonally higher domestic use has curbed volumes available for export.

Exports from southern Iraq in the first 21 days of July have averaged 3.28 million barrels per day (bpd), according to loading data tracked by Reuters and an industry source. That would be up from 3.18 million bpd in June.

This year it is Iran that is supplying the biggest increase in exports from the Organization of the Petroleum Exporting Countries as the country recovers from Western sanctions.

While U.S. production has been falling, crude inventories are at a historically high of 519.5 million barrels for this time of year, the EIA said earlier this week.

Also, total U.S. crude and oil product stocks rose 2.62 million barrels to an all-time high of 2.08 billion barrels as gasoline stocks posted a surprise build of 911,000 barrels during summer driving season.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.