Oil Drops With Stocks as Dollar Gains

Global oil prices projected to be stable in 2018: OPEC

On Thursday, oil followed the stock market lower after President Donald Trump said he would impose hefty tariffs to protect USA producers.

The April contract expired on Wednesday down 1.3 percent. President Donald Trump announced he would impose hefty tariffs on the two metals to protect US producers, risking retaliation from major trade partners like China, Europe and neighbouring Canada.

At the Multi Commodity Exchange, crude palm oil for delivery in April shed 40 paise, or 0.07 per cent, to Rs 600 per 10 kg in business turnover of 8 lots.

Many concerned that the planned tariffs would raise prospects of a trade war and hurt the USA economy.

US light crude CLc1 is forecast to average $58.88 a barrel in 2018, up from $58.11 in the January poll. USA crude output is set for a record in February, with the monthly average hitting 10.072 MMbpd, a Genscape report said Monday. WTI Crude is now trading at $61.74 per barrel, up 0.15% on the day.

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The rise in USA output in recent weeks has been overshadowing supply curbs by other producers, led by the Organization of the Petroleum Exporting Countries and Russian Federation.

Until recently, the global oil prices of West Texas Intermediate were recorded at US$63.31 per barrel, while Brent oil was priced at $66.63 per barrel. Total volume traded was about 27% below the 100-day average.

Oil recovered some of its losses during the session as the dollar weakened.

For the week, Brent was down about 4 percent and WTI down more than 3 percent.

On Friday, oil prices were set to post their first weekly decline in three weeks following a sell-off in global stock markets after news of planned U.S. tariffs on steel and aluminium raised fears of a trade war. Government data Wednesday is forecast to show inventories increased by 3 million barrels, according to a Bloomberg survey.

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"We see wages by a couple of measures trending up a little bit, but majority continuing to grow at two and a half %", Powell said. The Energy Information Administration (EIA) iterated the significance by pointing out the U.A.E.is the fourth-largest OPEC producer and first time importer of US oil.

Gasoline futures were down sharply. Libya is keeping oil output steady as higher production from two of its biggest oil fields offsets the impact of a shutdown at a deposit operated by Italy's Eni SpA.

Oil output in Venezuela, one of OPEC's larger producers, has dropped to its lowest in more than 20 years as the country grapples with an economic crisis, in turn helping curtail OPEC's supply beyond the group's agreed 1.2-million bpd commitment. Both benchmark contracts fell almost 5 percent in February, the first monthly decline in six months.

With assistance from Sharon Cho and Alex Longley.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone.

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