Oil Slides on U.S. Crude Build, Slight Output Boost From OPEC+

Reuters2022-08-03
  • U.S. crude stocks build unexpectedly, up 4.5 mln bbls -EIA
  • OPEC+ decides on small 100,000 bpd increase to output target
  • U.S. had pushed for more meaningful supply boost
  • Iranian and U.S. negotiators travel to Vienna for talks

(Reuters) - Oil prices slid more than % on Wednesday as U.S. crude stockpiles unexpectedly surged higher last week and after OPEC+ said it would raise its oil output target by only 100,000 barrels per day (bpd).

Brent crude futures were down $2.44, or 2.43%, at $98.1 a barrel. West Texas Intermediate (WTI) crude futures slipped by $2.49, or 2.64%, to $91.93. Both contracts had seesawed previously.

The premium for front-month Brent futures over barrels loading in six months' time is at a three-month low, indicating concern over tight supply are abating. The premium for WTI futures for the same months touched a near four-month low.

U.S. crude stocks rose 4.5 million barrels last week to 426.55 million barrels, according to data from the U.S. Energy Information Administration, compared with an analyst forecast for a draw of 600,000 barrels.

Industry data late Tuesday showed a smaller weekly U.S. crude build of 2.2 million barrels, traders said.

Ministers for the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, agreed to the small increase to the group's output target, equal to about 0.1% of global oil demand.

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Comments

  • TaiJin
    2022-08-04
    TaiJin
    [Miser] 
  • Yeahyeah
    2022-08-04
    Yeahyeah
    [Shy] adding to this 
  • Mindthink
    2022-08-04
    Mindthink
    Ok
  • RichyRick
    2022-08-04
    RichyRick
    Good to know
  • 陈河马
    2022-08-04
    陈河马
    Wow
  • robot1234
    2022-08-04
    robot1234
    Oil falls 4%, pressured by surprise U.S. crude, gasoline build. Oil prices slid about 4% on Wednesday, with losses accelerating after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ said it would raise its oil output target by 100,000 barrels per day (bpd).Brent crude futures settled down 3.7%, at $96.78 a barrel. West Texas Intermediate (WTI) crude futures fell 4%, to $90.66. Both contracts had seesawed earlier in the session. The premium for front-month Brent futures over barrels loading in six months’ time is at a three-month low, indicating waning concern about tight supply. The same premium for WTI futures neared a four-month low.U.S. crude oil inventories rose unexpectedly last week as exports fell and refiners lowered runs, while gasoli
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