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MTECHTIPS;-Oil collapses after OPEC report shows jump in Saudi output

Wednesday, March 15, 2017 2:33
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MTECHTIPS;-Oil collapses after OPEC report shows jump in Saudi output

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MTECHTIPS-Oil prices reversed overnight gains during North American morning hours on Tuesday, falling to a fresh four-month low after a report showed Saudi Arabia raised output back above 10 million barrels a day in February, underlining concerns over a global supply glut. The U.S. West Texas Intermediate crude April contract sank to a session low of $47.66 a barrel, a level not seen since November 30. It was last at $47.80 by 8:30 AM ET (12:30 GMT), down 60 cents, or around 1.2%. Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London dipped 50 cents to $50.85 a barrel. The global benchmark touched a session low of $50.61 earlier, its cheapest since November 30. In its monthly oil market outlook released earlier, OPEC said its members pumped 31.95 million barrels per day in February, down 139,500 barrels per day from January. However, Saudi Arabia boosted production by 263,300 barrels a day to 10.011 million a day, reversing about a third of the cuts it made the previous month. January 1 marked the official start of the deal agreed by OPEC and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day to 32.5 million for the next six months. Kuwait is scheduled to host a ministerial meeting on March 26 comprising both OPEC and non-OPEC members to review compliance with the output agreement and to discuss whether cuts would be extended beyond June

 

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