Economy

Oil slumps as USA stockpile increase stirs oversupply concerns

Oil slumps as USA stockpile increase stirs oversupply concerns

Brent crude prices were at $48.32 USA per barrel mid-morning Wednesday, down $1.80, or 3.6%.

USA total crude and products supplies jump by most since 2008.

Oil futures were down Wednesday over concerns over rising US production ahead of weekly stockpile and output data from the Energy Department.

USA oil producers exported a record 1.3 million barrels of oil a day in May, according to the Houston Chronicle.

"Normally, gasoline stocks are supposed to decline at this time of the year due to strong demand", said Carsten Fritsch, oil analyst at Commerzbank in Frankfurt, Germany.

Apple Inc. (AAPL) Rating Reiterated by BMO Capital Markets
After $0.89 actual EPS reported by Popular Inc for the previous quarter, Wall Street now forecasts 2.25% EPS growth. As of the end of the quarter Sowell Financial Services LLC had acquired 16,710 shares growing its stake by 32.2%.

Phil Flynn, a senior market analyst at the Price Futures Group, said earlier this year that US production could reach 10 million barrels per day in August.

USA stocks of crude oil and gasoline surprisingly rose last week as refinery runs declined and exports fell, the Energy Information Administration (EIA) said June 7.

The price moved more firmly above this key line of support, recovering some of its losses to trade back above $46 a barrel in mid-morning trade.

Breaking down the gasoline portion of the report, the EIA data showed a drop in gasoline demand of about a half million barrels a day. For the same period, an S&P Global Platts survey of analysts had consensus estimates for a decrease of 3.5 million barrels in crude inventories, an increase of 250,000 barrels in gasoline inventories, and no change in distillate stockpiles.

BP (BP) shares fell 1%.

Smith slams Australia's bowling performance after draw
However, the veteran all-rounder believes that New Zealand would be a much tougher side to beat this time around. It is Australia's second abandonment and they now need to beat England in order to reach the semi-finals.

With prices nearing their lowest level this year, oil could be set for a short-term rebound, Petromatrix GmbH analyst Olivier Jakob wrote in an emailed report. A jump in gasoline supplies also weighed on oil prices, he said.

The surge in USA exports began in January, the first month of OPEC's cuts.

Oil costs fell around 1 for every penny on Monday on worries that the cutting of ties with Qatar by top unrefined exporter Saudi Arabia and other Arab states could hamper a worldwide arrangement to lessen oil generation.

OPEC's largest producer Saudi Arabia saw its production fall to 9.93 million barrels per day in May, down 40,000 barrels per day from the previous month, as survey panelists said exports were down significantly despite a rise in direct crude burn.

Schlumberger Limited. (SLB) Position Cut by Hollencrest Securities LLC
Schlumberger Limited. also was the target of some unusual options trading on Tuesday. (NYSE:CF) to report earnings on August, 2. It is negative, as 65 investors sold SLB shares while 567 reduced holdings. 48 funds opened positions while 89 raised stakes.


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