Oil Unchanged With OPEC Deal Anxiety and Rising US Production Cancelling Each Other

Oil prices were little changed on Thursday as a drop in crude exports from OPEC’s defacto leader Saudi Arabia and a draw in U.S. oil inventories supported prices, while the strengthening dollar and weak equities kept futures in check.

Brent crude futures were at $71.70 a barrel by 11:24 a.m. EDT (1524 GMT), up 8 cents from their last close and near Wednesday’s five-month high of $72.27 a barrel.


West Texas Intermediate graph

U.S. West Texas Intermediate (WTI) crude futures were down 10 cents at $63.66 a barrel.

Saudi Arabia’s crude oil exports fell by 277,000 barrels per day just under 7 million bpd in February from the month before, according to data from the Joint Organizations Data Initiative (JODI).

U.S. crude, gasoline and distillate inventories fell last week, with crude posting an unexpected drawdown and its first in four weeks, the Energy Information Administration (EIA) data showed on Wednesday, which also helped support prices.

via Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza