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09 March 2018, 03:29 | Vickie Mathis
File Image the U.S. crude export hub of Corpus Christi TX is upgrading its facilities for anticipated growth
Crude prices had briefly pared losses after the EIA reported that USA inventories rose by 2.4M barrels in the last week, which was below analyst expectations for a 2.7M-barrel increase.
USA output is expected to surge beyond 11 million bpd by late 2018, surpassing current No. 1 producer Russian Federation.
A build-up in USA crude inventory reported the previous day was not as large as expected, given that stocks tend to rise towards the end of the winter as refineries conduct maintenance.
Oil prices rose on Tuesday, supported by a weaker dollar but USA crude's gains were limited by expectations for a weekly rise in US crude stockpiles.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.13 a barrel, down 47 cents, or 0.75 percent.
Brent crude futures were down 3c at $64.31 a barrel by 10.05am GMT. Cohn, a free trade advocate and former president at Goldman Sachs, had opposed Trump's plans for the proposed tariffs on aluminum and steel.
Should this forecast come to pass, OPEC would be hard pressed to continue pumping less oil than before and even that won't guarantee oil prices remaining at comfortable levels for the cartel's members.
Oil fell on Wednesday as financial markets slid after a free trade advocate in the US government resigned, feeding concerns that Washington's plans for import tariffs could spark a trade war.
This matched the expectations of traders and refiners in the region surveyed ahead of the release, and shows the Saudis are still trying to ensure their crude remains competitive, even as they maintain a commitment to restrain output by the terms of the agreement between the Organization of the Petroleum Exporting Countries and allies, including Russian Federation. Trump's protectionist theme adds a new wave of concerns, with increasing signs of a trade war leading to turbulence in some risk assets. Oil imports in Asia are expected to grow by 3.5 million barrels a day through 2023. And the U.S.is set to become part of the top five global crude exporters, according to consultant Wood Mackenzie Ltd.
Brent had dipped closer to $65 in earlier trading, pressured by the International Energy Agency's (IEA) warning on Monday that USA oil output was set to surge over the coming five years.
The spread between the two benchmarks blew out to $7.07 a barrel in late September in the aftermath of Hurricane Harvey, which knocked out refineries along the U.S. Gulf Coast, cutting demand for WTI crudes. That compares with a 2.5-million-barrel build in the previous week.
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