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Oil Steady Near $59 as IEA Says Shale May Derail OPEC Cuts
Tuesday, 13 February 2018 21:12 WIB | COMMODITY |MinyakWTIBrent

Oil steadied near $59 a barrel in New York as the International Energy Agency warned that rising U.S. supply may counter OPEC™s success in clearing a glut.

Production cuts by the Organization of Petroleum Exporting Countries and Russia have shrunk a surplus in oil inventories by about 80 percent, a reportfrom the Paris-based IEA showed on Tuesday. Yet the decline in stockpiles will slow as rising shale-oil output puts America on track to surpass both Saudi Arabia and Russia, the agency predicted.

WTI for March delivery was 28 cents lower at $59.01 a barrel on the New York Mercantile Exchange as of 1:02 p.m. London time. The contract rose 9 cents to settle at $59.29 on Monday, snapping six days of losses. Total volume traded was about 9 percent above the 100-day average.

Brent for April settlement slipped 16 cents to $62.43 a barrel on the London-based ICE Futures Europe exchange. The contract declined 20 cents to $62.59 on Monday. The global benchmark traded at a $3.61 premium to April WTI.

U.S. crude inventories probably climbed by 3 million barrels last week, according to a Bloomberg survey, while the Energy Information Administrationsaid U.S. shale oil output will rise by 110,000 barrels a day in March.

Source : Bloomberg

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