MTECHTIPS;-Crude Oil Prices Fall In Asia As Market Focuses On U.S.
MTECHTIPS;-Crude Oil Prices Fall In Asia As Market Focuses On U.S. Exports
MTECHTIPS-Crude prices dipped in Asia despite some upbeat comments overnight on compliance with OPEC-led output curbs from Russian energy minister Alexander Nova. On the New York Mercantile Exchange crude futures for November delivery dipped 0.18% to $49.89 a barrel, while on London’s Intercontinental Exchange, Brent was flat at $55.77 a barrel. Novak said in a television interview that Russia wants to continue to monitor supply and demand working with OPEC, adding that while compliance has been more than 100% for output curbs, with Saudi Arabia and Russia pulling extra weight, there has been some slippage that was being addressed. Overnight, crude oil prices settled lower on Wednesday as data showing U.S. crude oil stockpiles fell for the second straight week was offset by a sharp uptick in exports which could dampen Spec’s efforts to reduce supply. Inventories of U.S. crude fell by roughly 6 m barrels in the week ended Sept. 29, handily beating expectations of a draw of 756,000 barrels. Gasoline inventories, one of the products that crude is refined into, rose by roughly 1.6 barrels, missing expectations of a draw of 1.1 m barrels while distillate stockpiles fell by 2.6 barrels, topping expectations of a decline of 1.8 m barrels. The draw to crude stockpiles comes against a backdrop of surge in U.S. crude oil exports to 1.98 m barrels a day as the wide spread between Brent and crude oil prices continued to drive demand for U.S. crude oil
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