Oil dips as industry report shows swelling spare USA oil supply

Oil up for week on Libya woes, falling US supply

Oil prices fell on Wednesday as US stockpiles of crude and gasoline increased, putting further pressure on futures after industrial activity in some worldwide major crude-consuming nations has softened.

Next half of the year will pull up the oil market again, says Joel Hancock, an analyst of Natixis.

Crude oil prices slipped lower on Tuesday.

The West Texas Intermediate (WTI) for April delivery rose 0.36 USA dollar to settle at 63.91 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery added 0.19 dollar to close at 67.50 dollars a barrel on the London ICE Futures Exchange.

"The recent rise in global benchmark prices has not been matched by higher prices for Western Canadian producers".

The stronger dollar makes commodities denominated in the USA currency more expensive for holders of other currencies.

Prices were buoyed by comments from Saudi Arabia's energy minister Khalid al-Falih, who said he expected oil market inventories to continue declining.

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Crude oil prices were hovering near two-week highs on Monday, a possible effect of Saudi Arabia's statement on plans to continue cutting output levels and as last week's upbeat US supply data also continued to support. Oil prices, which fell below $30 a barrel in 2016, have since more than doubled to nearly $70 a barrel.

On 1 January 2017, after nearly a year of shuttle diplomacy, OPEC and non-OPEC producers reached their first deal since 2001 to reduce oil output jointly by nearly 1.8 million barrels a day. And that means even minus 70 thousand barrels of oil on the market.

However, an increase of 2 million barrels was still a conservative estimate, Commerzbank analyst Carsten Fritsch said, as he expected imports to have corrected, re-balancing last week's record low imports.

Most of the drawdown has come from the liquidation of bullish long positions rather than the establishment of new bearish short ones and it has been proportionately greater in fuels rather than crude. [RIG/U] Rising U.S. production has hindered OPEC's efforts to drain supplies.

Consider this: in January 2017, US crude oil production mounted to 8.82 million barrels per day.

Moreover, new pipelines have increased connections around the USA, easing bottlenecks and allowing more US oil to reach its destination. The country is set to become an oil exporter for the first time in 14 years, with the oil output in the country set to hit one million barrels per day.

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