Oil prices fall for second day after stockpiles rise

Oil prices fall for second day after stockpiles rise”

This is 0.27% above the closing level of the previous trading session. Libya's crude loadings from the Mellitah terminal will be "modified" after protests impeded output at the El-Feel field.

US forecasts also suggest that the American oil production will beat both Saudi Arabia and Russian Federation this year, assuming that the OPEC/non-OPEC deal remains intact until the end of 2018, as now planned. The dollar index hit a near six-week high on Thursday following consumer inflation figures showing the largest gain in 12 months.

"Climbing U.S. production continues to weigh on the market as traders fear that the OPEC output cuts will be nullified by the rising U.S. output", said William O'Loughlin, investment analyst at Australia's Rivkin Securities. Thus given that the oil price is now at $64 is near resistant then the oil price should soon reverse lower to target $58 which is likely to be the trend for most of March 2018 before the next assault on the high as my longer term 2018 forecast for a $80 crude oil price remains in tact.

A Reuters survey on Wednesday showed OPEC maintained its supply cuts in February, dropping output to 32.28 million bpd, lowest since April of past year.

US West Texas Intermediate crude was down 37 cents, or 0.6 percent, at United States dollars 62.64 by 0142 GMT, after falling 90 cents the previous session.

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ELLIOT WAVE - Suggests that the oil price is now in a corrective B wave rally and thus likely to result in a C wave decline back towards the $58 low and perhaps a little lower. Total volume traded was about 21 per cent below the 100-day average.

Brent crude was last down 8 cents on the day at $67.23 a barrel at 1005 GMT, after having risen nearly 4 percent last week in its largest weekly gain since late October. The contract on Friday climbed 92c to settle at $67.31. The global benchmark crude traded at a US$3.62 premium to WTI.

Oil Minister Dharmendra Pradhan had stated that the west coast refinery and the planned Rs 33,000 crore petrochemical complex in Andhra Pradesh figured during his discussions with the visiting Saudi minister.

While the group has agreed to prolong the cuts until the end of this year, "the framework beyond 2018 is yet to be determined, but for sure from the Saudi and from the OPEC standpoint, there is a determination to translate the success of 2017 and 2018", he said in New Delhi on Saturday.

"Further increases there and further rigs coming on, where we have seen an acceleration in recent weeks, could also add to pressure on the oil complex", he said. Contributions of 200 words or more will be considered for publication.

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