Oil prices edge up on weak dollar ahead of US inventory data

Oil prices edge up on weak dollar ahead of US inventory data

It is forecasting crude-by-rail exports from Canada will grow from 150,000 barrels a day (BPD) in late 2017 to 250,000 BPD in 2018 and to 390,000 BPD in 2019, Kallanish Energy reports.

"A still robust growth outlook for 2018 and the recent pattern of 2Q demand acceleration all leave us reiterating our 1.85 million bpd 2018 global oil demand growth forecast", the bank said.

Oil dropped for the first time in four sessions on a reported expansion in USA crude inventories and the risk of an intensifying global trade war sparked by President Donald Trump.

U.S. crude oil output is set to top 11 million barrels per day this year, making it the world's largest producer and threatening to offset the boost to prices from reduced supply from rivals within OPEC.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.13 a barrel, down 47 cents, or 0.75 percent.

Oil prices lost more ground in the wake of the latest Energy Information Administration data Wednesday, which revealed a second straight weekly rise in USA crude supplies.

Oil prices edge up on weak dollar ahead of US inventory data
Oil prices edge up on weak dollar ahead of US inventory data

A voice for Wall Street in the White House, Cohn's resignation came after he lost a fight over Trump's plans for hefty steel and aluminium import tariffs.

Dated Forties and Oseberg crude BFO- , a physical price for two Brent grades, ended last week at $64.77 a barrel, just $1.74 above the physical WTI Houston price of $63.03, as assessed by price reporting agency Argus.

That will most likely require rising shale oil output, a levelling out of USA refinery demand and ongoing OPEC curbs to keep prices other than WTI at elevated levels.

Oil has recently tended to move in tandem with the equity market.

The prospect of the Organization of the Petroleum Exporting Countries and non-member producers, including Russian Federation, maintaining crude output cuts in the face of a boom in US shale production helped lift Brent back above $65 a barrel this week. Traders said this news may be an indication that the Trump Administration is not as serious as suspected about implementing the tariffs. Oil imports in Asia are expected to grow by 3.5 million barrels a day through 2023. The administration is considering clamping down on Chinese investments in the US and imposing tariffs on a broad range of imports to punish Beijing for its alleged theft of intellectual property, according to people familiar with the matter.

"The smaller-than-expected inventory build led to swift short covering".

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