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Oil slips as U.S. production threatens OPEC-led output pact
Pub Date:Mar 17, 2017 | Views:177 |
Oil prices finished with a modest loss on Thursday, a day after a big rally, as rising output from the U.S. remained a threat to efforts by other major producers to rebalance the market.
Still, prices continued to find some support following data Wednesday showing the drop in U.S. crude supply in 10 weeks, as well as weaker dollar in the wake of the Federal Reserve’s less-hawkish-than-expected rate announcement.
Oil prices also briefly traded higher in the last hour before the settlement, buoyed comments from Khalid al-Falih, Saudi Arabia’s energy minister, who said output cuts led by the Organization of the Petroleum Exporting Countries may be extended if necessary, according to Bloomberg News. The market also saw volatility tied to the day’s expiration of April crude oil options.
“As options expire, the market tends to gravitate towards an even number” and WTI prices made a late-session attempt to climb toward $49, said Phil Flynn, senior market analyst at Price Futures Group. The market was also “looking at Russia and OPEC comments to get a sense of whether [its members and other major producers] will extend production cuts.”
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