Published: Thu, October 05, 2017
Markets | By Noel Gibbs

Oil prices dip over doubts that recent rally will last

Oil prices dip over doubts that recent rally will last

Unprecedented flooding from the Category 4 storm that slammed into the state's coast last week, sending gasoline prices surging as oil refineries shut, may also set a record for rainfall in the contiguous US, the weather service said Tuesday.

The Energy Information Administration's weekly inventory data is scheduled to be released on Wednesday, while the industry-funded American Petroleum Institute will release data on Tuesday. Eastern Time. Analysts polled by S&P Global Platts expect the EIA to report a fall of 1.5 million barrels in crude inventories, along with a climb of 1.5 million barrels for gasoline and decline of 2.4 million barrels for distillate supplies.

US crude was down 14 cents, or 0.3 percent, at $51.53 a barrel at 0637 GMT.

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The consensus among the major US and global energy agencies is that consumption of crude oil will remain strong through the rest of 2017 and 2018. The market expected a draw in U.S. distillate inventories by 1.8 MMbbls during this period.

However, the rise in prices may again encourage shale drillers in the United States to increase output thereby offsetting OPEC's oil curb deal impact. Over the last month, crude oil imports averaged over 7.1 million barrels per day, 10.7% below the same four-week period a year ago.

Crude oil prices are lower on Wednesday, as a large inventory draw in crude oil was largely ignored by the markets.

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The U.S. benchmark posted a third quarter gain of around 12 per cent, its strongest quarterly climb since the second quarter of 2016, but has now dropped almost 5 per cent from a six-month high reached on Thursday. A report emailed Monday from RBC Capital Markets said political trouble brewing in Venezuela, the fallout from the Kurdish referendum, and questions over the status of the Iranian nuclear deal could all point to trouble on the oil market horizon. In developed countries, commercial stockpiles fell in July to 190 million barrels over the five-year average, compared with a 302 million-barrel surplus in January, according to the International Energy Agency.

"If the country responds to this proposal, in the medium term, oil prices may receive additional support, but so far nothing is known about Turkmenistan's response", said Vadim Iosub, senior analyst of Alpari.

Signs of increased OPEC production also are weighing on oil prices.

Russian President Vladimir Putin was taking the podium in the minutes before the start of Wall Street trading.

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