Crude palm oil futures fall 0.42 pc on profit-booking

Crude palm oil futures fall 0.42 pc on profit-booking

Crude palm oil futures fall 0.42 pc on profit-booking

USA crude oil stocks fell last week, led by the biggest fall in inventories at the Cushing, Oklahoma storage hub in eight years, while gasoline and distillate stockpiles rose, the Energy Information Administration said on Wednesday.

Most of the adjustments came from the long side of the market, where portfolio managers reduced the number of long positions in Brent, WTI and gasoline in a sign of profit-taking after a strong price rally.

Crude futures bounced around on the news, but as of 10:56 a.m. EST (1556 GMT), oil prices were marginally higher, with USA crude at $58.22 a barrel, up 23 cents on the day.

Brent crude futures were up 35 cents on the day at $63.96 USA a barrel late morning Wednesday, while US light crude rose 23 cents to $58.22 US a barrel.

Answering the question whether Iraq itself supports the extension of the Vienna agreement, the minister replied: "Yes, of course".

The committee will grapple with rising USA production, which hit 9.68 million barrels per day (bpd) in the most recent week, a new weekly record.

Iraqi Oil Minister Jabbar al-Luaibi expects the oil-producing countries participating in the OPEC + agreement will decide to extend it.

Brent Crude
Daily February Brent Crude

Meanwhile, the U.S. Energy Information Administration reported Wednesday that domestic crude supplies fell ( by 3.4 million barrels for the week ended November 24. The American Petroleum Institute on Tuesday had reported an increase of 1.8 million barrels, according to sources.

Gasoline stocks rose 3.6 million barrels, compared with forecasts for a 1.2 million-barrel gain.

Most of the drop can be attributed to a fall in stocks at the Cushing, Oklahoma, delivery hub, which was down by 2.9 million barrels, EIA said.

OPEC members made a decision to cut production by 1.2 million barrels per day.

"A continued rise in US oil output not only contradicts the supply/demand argument behind the recent oil rally, but it also damages global producer sentiment as "OPEC and friends" are actively forfeiting market share with every weekly increase in USA output", said Tyler Richey, co-editor of the Sevens Report.

January natural gas rose 1.6% to settle at $3.179 per million British thermal units, up sharply for a third-straight session on the back of weather-related expectations for higher demand.

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