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NYMEX crude oil dips further in Asia as API shows solid build

Date:2015-01-14

Crude oil prices slumped further in Asia as U.S. industry data showed a further solid build in supllies of crude and refined products.

On the New York Mercantile Exchange, crude oil for delivery in February fell 0.56% to $46.05 a barrel.

The American Petroleum Institute reported that last week crude stocks rose 3.9 million, while distillates gained 416,000 and gasoline increased 1.6 million.

Oil futures trimmed losses in volatile trade on Tuesday, with West Texas Intermediate rising back above the $45-a-barrel-level, despite ongoing concerns over a glut in global supplies.

On Tuesday, Goldman Sachs slashed its 2015 price forecast, citing rising global supplies.

The investment bank cut its 2015 oil price forecast for WTI to $47.15 a barrel, down from a previous forecast of $73.75 a barrel. For the current quarter, Goldman put the price at $46 a barrel, down from $75.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for February delivery declined $1.27, or 2.68%, to trade at $46.16 a barrel on Tuesday.

Goldman expects Brent prices to average $50.40 a barrel in 2015, down from a previous estimate of $83.75. For the current quarter, they cut the outlook to $47 a barrel from $85 a barrel.

Concerns over weakening global demand combined with indications that the Organization of the Petroleum Exporting Countries will not cut output to support oil markets have weighed on prices in recent months.

Oil traders looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer.

Market players will also be watching for the U.S. Energy Department to publish its monthly oil market report later Tuesday.