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2019-03-06 11:55:00

OIL PRICE: ABOVE $65

OIL PRICE: ABOVE $65

REUTERSOil 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.

"Crude oil futures continue to demonstrate whippy trades as markets balance between OPEC-led cuts and the effects of rising U.S. production levels," said Benjamin Lu, commodities analyst at Singapore-based brokerage firm Phillip Futures.

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.

If realized, the increases would cement the pair as the dominant players in the West Texas and New Mexico field, with one-third of Permian production potentially under their control within five years.

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

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Earlier:

OIL PRICE: ABOVE $65
2019, March, 4, 11:20:00
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OIL PRICE: ABOVE $65
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2019, February, 25, 12:15:00
OIL PRICE: ABOVE $66 ANEW
REUTERS - Oil prices dipped on Monday, dragged down by plentiful supply as U.S. exports soar and compete with traditional producers from the Middle East in key markets such as Asia.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
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