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The electronic price of U.S. monthly crude oil futures closed down on Wednesday (Monday). U.S. Dollar, down ., USD/b Oil prices fell on Wednesday on bearish U.S. crude inventory data and doubts over whether pledges by OPEC and Russia to cut production will be enough to end a supply glut. Oversupply has weighed on oil prices for more than two years.
The U.S. Energy Information Administration said that U.S. crude oil inventories fell by 10,000 barrels in the week ended March 1, exceeding the 10,000-barrel decline expected by analysts polled by Reuters.
However, data shows that crude oil inventories in Cushing, the delivery place for U.S. crude oil futures, surged by 30,000 barrels last week, the largest increase since the beginning of the year.
Analysts said the market reaction to the data was lukewarm, in part because the data was similar to an inventory report released by the American Petroleum Institute late yesterday.
Zero Hedging, a well-known financial blog, said that in the early hours of Wednesday morning Beijing time, U.S. Cushing crude oil inventories recorded the largest increase in the year and market doubts about the agreement drove oil prices lower. Crude oil inventories fell more than expected. Cushing crude oil inventories recorded the largest increase of 30,000 barrels so far this year. Both gasoline inventories and refined oil inventories increased more than expected. At the same time, domestic crude oil production in the United States fell slightly.
Analysts said that the market is currently paying attention to major oil-producing countries and is increasingly doubtful whether non-oil-producing countries will commit to cutting production by 10,000 barrels per day.
Last week, an agreement was reached to reduce production by 10,000 barrels per day starting from next month to ease global supply and boost oil prices.
We hope that non-oil-producing countries can participate and reduce production by 10,000 barrels per day. Russia has stated that it will cut production by about 30,000 barrels per day.
Nigeria’s oil minister said on Wednesday that even at this weekend’s meeting, Russia is the only non-oil-producing country to commit to reducing production and will implement its production reduction agreement.
In addition, Nigeria said on Wednesday that it hopes to increase monthly oil production from the current 10,000 barrels/day to 10,000 barrels/day. It was agreed that the country would not participate in production cuts.
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