Crude prices slip lower with U.S. stockpile data on tap
LONDON, August 22, 2017 – Crude oil prices slipped lower on Tuesday, as investors were eyeing the weekly data from the U.S. on stockpiles of crude and refined products due later in the day.
Industry group the American Petroleum Institute is due to release its weekly report at 04:30 p.m. ET (08:30 pm. GMT).
The Energy Information Administration will release its weekly report on Wednesday, amid forecasts for an oil-stock drop of around 3.4 million barrels, which would mark an eighth weekly decline in a row.
The U.S. West Texas Intermediate crude September contract was at $47.45 a barrel by 09:00 a.m. ET (01:00 p.m. GMT), down aroud 0.9 cents or 0.19 %.
Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London lost 2 cents or about 0.27% to $51.52 a barrel.
Oil prices dropped on Monday, amid lingering concerns over a global supply glut.
OPEC and 10 producers outside the cartel, including Russia, agreed since the start of the year to slash 1.8 million barrels per day in supply until March 2018 in order to reduce a global supply glut and rebalance the market.
However, so far, the deal has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, as well as a relentless increase in U.S. shale output.
At a meeting in November, OPEC is set to discuss whether or not to extend production cuts, Kuwait’s oil minister Essam al-Marzouq said on Monday.
Natural gas futures for September delivery climbed 0.3 cents, or roughly 1.08%, to $2.995 per million British thermal units.