Seoul and Singapore – Oil prices slipped on Wednesday as bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed ongoing OPEC-led production cuts.
U.S. West Texas Intermediate crude oil futures were also down 0.8 per cent or 45 cents at 56.11 dollars per barrel. If realised, the increases would cement the pair as the dominant players in the West Texas and New Mexico field with one-third of Permian production potentially under their control within five years.
U.S. crude inventories rose by 7.3 million barrels in the week ending March 1 to 451.5 million compared with analysts’ expectations for an increase of 1.2 million barrels, API said.“An increase in U.S. crude inventories is weighing on oil prices and in the long term, concerns over rising oil production in the Permian region is keeping a lid on prices,” said Kim Kwang-rae, commodity analyst at Samsung Futures in Seoul.
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