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Crude futures fall after Kuwaiti oil workers end strike

Published 2016-04-19, 08:41 p/m
© Reuters. Crude futures fall after Kuwaiti oil workers end strike
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TOKYO, April 20 (Reuters) - Crude futures fell in early
Asian trade on Wednesday after Kuwaiti oil workers ended a
three-day strike that had cut production from the Middle Eastern
country and data showed U.S. stockpiles rose last week.
Brent crude futures LCOc1 , were down 55 cents at 43.48 a
barrel at 0030 GMT. On Tuesday, they settled up $1.12, or 2.6
percent, at $44.03 a barrel.
U.S. crude CLc1 was down 66 cents at $40.36. The contract
rose $1.30, or 3.3 percent, to $41.08, the previous session.
Kuwaiti oil and gas workers ended a three-day strike that
had temporarily cut the OPEC member's crude production by nearly
half, the trade union said in a statement posted on its Twitter
account on Tuesday.
Kuwait Oil Company (KOC) was forced to cut output to as
little as 1.1 million barrels per day (bpd), down from a normal
level of about 3 million bpd. By Tuesday output had recovered to
around 1.5 million bpd.
The end of the strike revived the bearish mood brought on by
the failure of major producers to reach an agreement on Sunday
on a production freeze, to help overcome a market imbalance that
has caused a slump in prices since 2014.
Adding to the bearish tone, data from industry group
American Petroleum Institute (API) also showed U.S. crude stocks
rose more than was anticipated, last week. (Full Story)
Crude inventories rose by 3.1 million barrels in the week to
April 15 to 539.5 million, compared with analysts' expectations
for a rise of 2.4 million barrels. Crude stocks at the Cushing,
Oklahoma, delivery hub fell by 235,000 barrels, API said.

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