Oil falls on U.S. supply record, weak demand outlook!
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http://news-uncensored-fresh.blogspot.be/2016/02/oil-falls-on-us-supply-record-weak.html
Oil prices fell on Thursday, dented by record U.S. crude inventories, worries about the demand outlook and a Goldman Sachs forecast that prices would remain low and volatile until the second half of the year.
However a report, quoting sources familiar with the discussions, that some OPEC countries are trying to achieve a consensus among the group and key non-members for an oil production “freeze”, trimmed losses.
Brent crude futures LCOc1 were down 40 cents at $30.44 per barrel at 9.23 a.m. ET.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $26.86 per barrel, down 59 cents. Earlier they fell to within 3 cents of the $26.19 intra-day low hit in January that was their weakest price since 2003.
“We’re grinding lower on bearish fundamentals,” said Bjarne Schieldrop, chief commodity analyst at SEB in Oslo.
“There’s a price fight within OPEC for Asian market share, and there are worries that storage capacity is going to be breached.”
He added that oil’s fall was also part of a general move in global markets away from riskier assets. Investors flocked to safe haven assets such as gold, the Japanese yen and top-rated bonds.
