Oil prices fell on Wednesday, after official data showed a larger-than-expected increase in USA crude inventories and a surprise build in gasoline stocks.
Portfolio managers have cut their net long position in US heating oil by 58 million barrels, European heating oil by 45 million barrels and USA gasoline by 27 million barrels since January 23.
Based on an S&P Global Platts preview of the EIA oil stocks data, USA oil stocks are expected to have risen by 2.7 million barrels last week.
U. S. West Texas Intermediate crude was down 37 cents, or 0.6 percent, at $62.64 by 0142 GMT, after falling 90 cents the previous session. "U.S. shale growth is very strong, the pace is very strong".
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The stronger dollar makes commodities denominated in the US currency more expensive for holders of other currencies.
Oil gained as Libya's crude exports from a key terminal were disrupted and Saudi Arabia pledged that global producers will ease their output curbs without shocking the market. The "price gap between the two oil types has narrowed to its lowest level in six months".
Still, OPEC and its allies seem unfazed by US shale and continue to send messages to the market that they will do "whatever it takes" to balance the oil inventories and that production cuts are here to stay until the end of 2018. "And for another, new pipeline capacities mean more crude oil is leaving Cushing".
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Soaring U.S. production has pressured oil futures at a time when OPEC members and Russian Federation have reduced their output in an attempt to support prices.
Prices resumed their downward path after that report, in which the EIA also revised its November crude production figures upward to a record 10.057 million bpd. "Investors are now keeping a close watch on the US inventory number as growth has been rather slower than expectations".
"We probably have a little more strength to go", in terms of upside potential for prices, John Macaluso, a trader at Tyche Capital Advisors LLC in NY, said by telephone. US crude exports bounced around between 0.5 million barrels per day (mb/d) and 1 mb/d in the first half of the year, a level that jumped to a range between 1 and 2 mb/d in the third and fourth quarters.
Arab News quoted Mazrouei as saying that cooperation between oil producers including Russian Federation had reached levels that were "more than expected". Crude slipped after an industry report was said to show an increase in U.S. crude stockpiles.
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Data released last week by the US Energy Information Administration showed a surprise draw in crude inventories.