Oil Prices Lower on Stronger Dollar and Supply Concerns
00:41, Feb 8, 2017
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Olivier Jakob, managing director of Switzerland-based consultant Petromatrix, said in an emailed report that USA oil production was poised for growth and Canada is back to where it was before Alberta wildfires in May idled about 1 million barrels per day in production.
Still, investors are wagering that the rally isn't over. On Monday, the Brent futures contract closed down $1.09 a barrel.
"The general perception is that OPEC is cutting production, which is supporting prices, but high stock levels, rising rig counts and growing USA production are capping gains", Tamas Varga, analyst at London brokerage PVM Oil Associates, told Reuters.
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Earlier in the week, traders were spooked by a renewed increase in the USA oil rig count.
"Those cuts were, however, offset partly by output gains in Libya and Nigeria, which are exempt from the accord, and Iran, which is allowed to increase its production slightly", said the analysis. "Besides these data points, encouraging production numbers from Libya, Nigeria as well as the USA itself are also painting a picture of a limited impact of the Opec/non-OPEC cut".
"U.S. shale is coming back, and it's coming back strong".
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During a meeting in Vienna, Austria, on November 30, 2016, OPEC members made a decision to implement a new production target of 32.5 million barrels per day. "We're figuring out that regardless of what OPEC does, it's not going to change the fact that we're going to continue to build stocks here". Gasoline futures hit their lowest level in two months, falling 3.07 cents to $1.4796 a gallon.
Tehran is exempt from OPEC's plan to cut supplies alongside Russian Federation and other independent producers, which started on January 1 and calls for reductions of nearly 1.8 million barrels per day.
Futures slipped 0.7 per cent after retreating 1.5 per cent yesterday. Crude stockpiles probably rose for a fifth week while gasoline supplies approached a record, according to a Bloomberg survey before an Energy Information Administration report on Wednesday.
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