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OIL FALLS AMID WARNINGS OF RETREAT TO $40 ON ROCKY REBALANCE
By Heesu Lee and Stephen Stapczynski - Fri, 15 Jul 2016 01:58:53 GMT
(Bloomberg) -- Oil fell amid forecasts prices may slide toward $40 a barrel
as consumption falters and halted supplies return.
Futures fell as much as 1.4 percent, paring a 2.1 percent gain Thursday.
Analysts from BNP Paribas SA to JBC Energy GmbH warned prices may sink
towards $40 a barrel amid a global glut of supply and weakening demand.
Crude rose Thursday as U.S. stocks extended gains at an all-time high amid
corporate results that pointed to resilience in the global economy.
Oil has traded between about $44 and $52 a barrel since early June after
almost doubling from a 12-year low in February amid a spate of supply
disruptions and falling U.S. output. Prices have been whipsawed this week,
pulled down by U.S. fuel data that signaled faltering demand and rallying
when global equity markets advance and a weakening dollar bolstered
commodities.
“Oil is slowly rebalancing in a zigzag pattern because when prices rise,
producers in the U.S. raise output, which will again push prices down,”
Hong Sung Ki, a Seoul-based commodities analyst at Samsung Futures Inc.,
said by phone. “Market sentiment is quite bearish at the moment on concerns
over recovering U.S. production and low refinery processing rates.”
West Texas Intermediate crude for August delivery fell as much as 63 cents
to $45.05 a barrel on the New York Mercantile Exchange and traded at $45.10
at 10:58 a.m. Tokyo time. The grade rose 93 cents to settle at $45.68 on
Thursday. Total volume traded was about 46 percent below the 100-day average.
Brent for September settlement dropped as much as 60 cents, or 1.3 percent,
to $46.77 a barrel on the London-based ICE Futures Europe exchange. The
contract increased $1.11 to $47.37 on Thursday. The global benchmark crude
traded at a 98-cent premium to WTI for September delivery.
(A previous version of this story corrected day in second paragraph.)
To contact the reporters on this story: Heesu Lee in Seoul at hlee425@
bloomberg.net, Stephen Stapczynski in Tokyo at [email protected]/* */
To contact the editors responsible for this story: Ramsey Al-Rikabi at
[email protected]/* */, Aaron Clark
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