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Oil Falls on U.S. Inventory Build, Shale Oil Output Forecasts

Source: www.gulfoilandgas.com 3/6/2019, Location: Europe

Oil prices fell on Wednesday as bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed OPEC-led production cuts.

International Brent crude futures were at $65.47 per barrel at 0745 GMT, down 39 cents, or 0.6 percent, from their last settlement. Brent had dropped to as low as $65.22 earlier in the session on Wednesday.

U.S. West Texas Intermediate (WTI) crude oil futures were down 0.7 percent, or 41 cents, at $56.15 per barrel. Increasingly event-driven trading was adding to market volatility, he said.

Chevron Corp and Exxon Mobil Corp released rival Permian Basin projections on Tuesday pointing to increased shale oil production.

Data from the American Petroleum Institute (API), an industry group, also showed larger-than-expected gains in U.S. crude stockpiles.

U.S. crude inventories rose by 7.3 million barrels in the week ending March 1 to 451.5 million, compared with analysts' expectations for an increase of 1.2 million barrels, API said. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.1 million barrels.

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