LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Oil falls on strong dollar, signs of build at U.S. hub

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Mar 09, 2018
06:49 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Oil prices fell on Thursday, headed for a second straight weekly drop on a stronger dollar, signs of an inventory build at the U.S. storage hub in Cushing, Oklahoma, surging U.S. crude production and investor jitters about a potential trade war.

Brent crude futures fell 73 cents, or 1.1 percent, to settle at $63.61 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.03, or 1.7 percent, to settle at $60.12 per barrel.

Brent was on track for a drop of around 0.8 percent this week, after last week`s 4.4 percent slide. WTI was on track for a 1.5 percent decline after a 3.6 percent slide last week.

"It looks to me that crude has peaked and it`s heading lower," said Walter Zimmerman, chief technical analyst at United-ICAP. "I see it heading back to test the early February lows, $57 for WTI and $62 for Brent. And I`m not at all confident that those levels are going to hold," he said.

The dollar rose about 0.6 percent against a basket of currencies <.dxy>. A stronger greenback makes it more expensive to buy dollar-denominated commodities like oil.

Also pressuring crude prices, data from market intelligence firm Genscape showed inventories at the Cushing, Oklahoma storage hub rose by more than 290,000 barrels in the week to March 6, said traders who saw the data.

This increase, if confirmed by official data, would be the first build in 12 weeks at Cushing, where stockpiles have more than halved since November.

Data from the Energy Information Administration (EIA) on Wednesday showed U.S. crude production hit a record of almost 10.4 million barrels per day (bpd) in the week ended March 2.

The EIA production data is "finally taking some of the wind out of the sails of the bullish speculators," said Rob Haworth, senior investment strategist with U.S. Bank Wealth Management.

Worries that Washington might start a trade war also put markets on edge.

"Until the U.S. tariff issue is better defined, we feel that odds favor a renewed sharp downturn in the stock market that will easily spill into the oil space," Jim Ritterbusch, president of energy advisory firm Ritterbusch & Associates said in a note.

U.S. crude output is expected to surge beyond 11 million bpd by late 2018, limiting the effectiveness of output cuts by the Organization of the Petroleum Exporting Countries, Russia and other producers.

Adding to concerns is China`s reported drop in crude imports for February.

Goldman Sachs re-issued its 2018 global oil demand growth forecast of 1.85 million bpd, despite recent signs of a slight slowdown, citing a strong start to the year and a pattern of second-quarter demand acceleration.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

ITC Share Price: Experts give 'share to buy' tag; predicts up to 25% profit in three months

3 free LPG cylinders likely again for Ujjawala scheme beneficiaries

Gold Price Outlook – Gold, Silver prices may see further fall next week; expert tells what to do to maximise gains

Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty support range, says investors should trade keeping volatility in mind

EaseMyTrip IPO Review: Issue opens on Monday! 'SUBSCRIBE' say experts; check details like important dates, price band, lot size, many more

West Bengal, Assam Assembly elections 2021: After TMC, BJP likely to release candidates lists today

Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more

DDA Housing Scheme 2021: Draw for allotment of flats on this DATE—Watch it live on AWAAS app

EPF Passbook Balance Check Online: EPFO members can do this via Umang App, SMS, missed call; choose whatever you want

7th Pay Commission Latest News: Central government employees' alert! one mistake could cost you your LTC claim—check report

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved