Energy Preview: Crude Oil Slippery, WTI Futures Tumble 1% In Asia

Energy Preview: Crude Oil Slippery, WTI Futures Tumble 1% In Asia

Brent crude futures settled 17 cents, or 0.3 percent, higher at $65.42 a barrel, after trading between $64.40 and $65.53.

Exports of USA crude jumped to just above 2 million bpd, close to a record 2.1 million hit in October.

Higher oil prices and rising output should feed increased investment in drilling and production, in turn boosting shale output more, he said.

Futures advanced 1.8 percent in NY after a government report showed USA crude stockpiles slid 1.62 million barrels last week, the largest draw in five weeks.

The dollar rose to a more than one-week peak against a basket of other currencies late on Wednesday, extending its recovery from last week, as minutes of the Federal Reserve's January meeting showed policymakers confident in the need to keep raising interest rates.

Outside North America, Brent crude eased on the back of a dip in Asian stocks and a stronger dollar, which potentially curbs demand as it makes fuel more expensive for countries using other currencies domestically. "The market's been concerned about USA production ramping, so as long as you still have these healthy inventory reports, it helps ease some of the fears".




The Energy Information Administration is scheduled to release its weekly inventory report today, a day later than usual due to the US President's Day holiday earlier this week. Still, the threat of the US shale boom is limiting prices.

West Texas Intermediate for April delivery fell as much as 93 cents to $60.75 a barrel on the New York Mercantile Exchange and traded at $61.03 at 09:12.

Oil gained some support from a rise on Wall Street markets.

Last week, the American Petroleum Institute (API) reported a build of 3.947 million barrels of crude oil, along with a build in gasoline inventories of 4.634 million barrels.

"Oil prices and the S&P have been highly correlated, of late, with economic strength translating into improved company performance and higher energy demand", said John Kilduff, partner at investment manager Again Capital in NY. Analysts expect that the crude stock to hit an additional 2.5 million barrels a day as opposed to last week's production. Analysts had forecast a smaller decline of 1.633-million-barrels.

Crude oil futures were lower in early European trading Thursday amid pressure from a firmer dollar and as markets appeared to shrug off initial data showing a drawdown in United States stocks.

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