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InvestmentsOil prices slide as supply boost, weaker demand fears weigh By Reuters

Oil prices slide as supply boost, weaker demand fears weigh By Reuters


© Reuters. FILE PHOTO: The chimneys of the Total Grandpuits oil refinery are seen simply after sundown, southeast of Paris, France, March 1, 2021. REUTERS/Christian Hartmann

By Naveen Thukral

SINGAPORE (Reuters) -Crude oil prices fell on Monday, beneath strain from expectations of accelerating provides and a decrease demand forecast amid larger power prices.

futures fell 45 cents, or 0.6%, to $81.72 a barrel, as of 0604 GMT. U.S. West Texas Intermediate (WTI) crude misplaced 36 cents, or 0.5%, to $80.43 a barrel.

Oil markets have dropped for the final three weeks, hit by a strengthening greenback and hypothesis that President Joe Biden’s administration would possibly launch oil from the U.S. Strategic Petroleum Reserve to chill prices.

“The White House has been debating how to tackle higher inflation, with some officials calling for the strategic reserve to be tapped, or halting U.S. exports,” ANZ analysts mentioned in a report.

U.S. power companies this week added oil and rigs for a 3rd week in a row with crude prices hovering close to a seven-year excessive, prompting some drillers to return to the wellpad.

The oil and fuel rig rely, an early indicator of future output, rose by six to 556 within the week to Nov. 12, its highest degree since April 2020, power providers agency Baker Hughes Co mentioned on Friday.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) final week minimize its world oil demand forecast for the fourth quarter by 330,000 barrels per day (bpd) from final month’s forecast, as excessive power prices hampered financial restoration from the COVID-19 pandemic.

Russia’s Rosneft, the world’s second-biggest oil firm by output after Saudi Aramco (SE:), warned on Friday of a possible “super cycle” in world power markets, elevating the prospect of even larger prices as demand outstrips supply.

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