The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Oil set for worst week in year as rout inflames U.S. supply fear

Pubdate:2018-02-11 10:55 Source:liyanping Click:

SINGAPORE (Bloomberg) -- Oil headed toward its worst week in almost a year as the global risk-asset rout further rankled investors already concerned over growing U.S. supply.

Futures traded in New York are on track to post a 7.5% slump this week as everything from equities to currencies tumbled. Adding to the alarm was data that showed U.S. oil production at a new high, and key technical indicators pointing to a further retreat in prices. Now West Texas Intermediate is spiraling toward $60/bbl, all but erasing this year’s gain.

Oil’s weakness so far this month follows the best start to the year in over a decade, which was largely driven by gains in the U.S. dollar. Yet fears that American shale production will outweigh efforts by the Organization of Petroleum Exporting Countries to cut global inventories have been brought back to the forefront of investors’ minds as data show U.S. output now eclipses Saudi Arabia’s.

“The markets are concerned that domestic oil production in the U.S. has continued to rise and put pressure on OPEC to perhaps break its current compliance with its ceiling,” said David Lennox, a commodity analyst at Fat Prophets in Sydney. Following the selloff in equity markets, “there’s a little bit of risk off the table. In the short term, we’ll see oil prices below $60.”

WTI for March delivery fell as much as 79 cents to $60.36/bbl on the New York Mercantile Exchange before trading at $60.57 at 3:21 p.m. in Singapore. Prices are on course for their biggest weekly loss since March 10. Total volume traded was about 0.6% above the 100-day average.

Brent for April settlement dropped 44 cents to $64.37/bbl on the London-based ICE Futures Europe exchange. The global benchmark traded at a $3.98 premium to April WTI.

U.S. production surged to 10.25 MMbbl a day last week, according to government data released Wednesday. With American production set to climb even higher later this year, the Saudi- and Russia-led alliance of other major suppliers will come under renewed pressure to reconsider self-imposed output caps aimed at eroding a glut.

It wasn’t just futures that took a beating this week. Energy shares from ExxonMobil Corp. in the U.S. to PetroChina Co. in Hong Kong tumbled after the Dow Jones Industrial Average recorded its biggest point-loss ever on Monday and plunged more than 1,000 points on Thursday, sparking a flight from risk assets.

 

主站蜘蛛池模板: 护士的护士服被扒了下来小说| 97se亚洲综合在线| 久久亚洲日韩精品一区二区三区| 一级免费黄色毛片| 欧美亚洲另类视频| 69国产成人精品视频软件| 俄罗斯精品bbw| 欧美亚洲国产精品久久| 国产精品观看在线亚洲人成网 | 男人天堂伊人网| 婷婷社区五月天| 国产午夜无码视频在线观看| 亚洲精品乱码久久久久久| 99国产精品99久久久久久| 特级毛片a级毛片免费播放| 日本xxx网站| 国产91精品久久久久久| 久久青青草原亚洲av无码| 国产精品久久自在自线观看| 特级无码毛片免费视频尤物| 大学生一级毛片高清版 | 久久天天躁狠狠躁夜夜av| 7x7x7x免费在线观看| 真实的国产乱xxxx在线| 天天看天天爽天天摸天天添| 国产va免费精品高清在线| 久久精品成人一区二区三区| 韩国精品一区二区三区无码视频 | 欧美xxxx网站| 国产性猛交╳XXX乱大交| 亚洲伊人久久大香线蕉结合| 999久久久免费精品播放| 精品人妻少妇一区二区| 日本免费大黄在线观看| 国产日韩视频在线| 久久久精品人妻一区二区三区| 老司机午夜影院| 日本人强jizz多人高清| 午夜精品久久久久久久99热| 国产又大又黑又粗免费视频| 亚洲国产精品一区二区第四页|