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U.S. crude oil falls more than one pct on supply surplus

Published 2015-11-26, 07:00 p/m
U.S. crude oil falls more than one pct on supply surplus
LCO
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CL
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SEOUL, Nov 27 (Reuters) - U.S. crude oil futures fell more
than one percent in early Asian trading on Friday, under
pressure from concerns of a supply glut, although market
activity was subdued due to a U.S. holiday.
West Texas Intermediate (WTI) futures, the U.S. crude
benchmark CLc1 , dropped 45 cents or 1.05 percent to $42.59 per
barrel at 2347 GMT.
Brent crude LCOc1 settled down 71 cents at $45.46 a barrel
in the previous session, having earlier dropped more than $1 to
a session low of $45.00 a barrel.
"U.S. stocks data did little to excite the market," ANZ said
in a note on Friday, referring to data from the Energy
Information Administration on Wednesday which showed U.S. crude
inventories USOILC=ECI rose 1 million barrels last week,
slightly below analysts' expectations for a rise of 1.2 million
barrels.
The market will now focus on a meeting of ministers from
Organization of the Petroleum Exporting Countries, which is set
for Vienna on Dec. 4 to coordinate the group's production.
OPEC is determined to keep pumping oil vigorously despite
the resulting financial strain even on the policy's chief
architect, Saudi Arabia, alarming weaker members who fear prices
may slump further towards $20.
Russian Energy Minister Alexander Novak said on Thursday
that Russia and Saudi Arabia will set up a special joint working
group on oil and gas cooperation to promote energy dialogue
between the world's top oil producers.
The euro slipped towards seven-month lows, bond yields fell
and European shares rallied on Thursday on growing talk of
aggressive stimulus from the European Central Bank next week.
MKTS/GLOB


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