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U.S. oil falls after crude stocks hit record high

Published 2016-02-18, 07:28 p/m
© Reuters. U.S. oil falls after crude stocks hit record high
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By Keith Wallis
SINGAPORE, Feb 19 (Reuters) - U.S. oil futures fell in early
Asian trade on Friday as record crude stocks renewed concerns
about global oversupply, outweighing moves by oil producers
including Saudi Arabia and Russia to cap oil output.
U.S. crude CLc1 had slipped 30 cents to $30.47 a barrel by
0016 GMT, after settling up 11 cents in the previous session.
The benchmark had this week risen more than 14 percent up to
Thursday after Saudi Arabia and Russia announced plans to freeze
oil output at January's levels.
That would be the first such deal in 15 years between the
Organization of the Petroleum Exporting Countries and non-OPEC
members.
Iraq's oil minister Adel Abdul Mahdi said on Thursday that
talks would continue between OPEC and non-OPEC members to find
ways to restore "normal" oil prices.
A meeting between oil ministers from Iran, Iraq, Qatar and
Venezuela in Tehran on Wednesday to agree a production cap ended
inconclusively. Iran has endorsed the plan but without
committing to an output cap.
Moves to curb output growth come as Saudi Arabia's crude oil
exports fell by more than 200,000 barrels per day (bpd) to
almost 7.49 million bpd in December compared with the previous
month, official data showed on Thursday.
That came as U.S. crude stocks rose 2.1 million barrels last
week, to a peak of 504.1 million barrels, the third week of
record highs in the past month, data from the U.S. government's
Energy Information Administration (EIA) showed.
Gasoline stocks also hit a record high, while stocks of
distillates, including heating oil and diesel, were also up.
"Strong U.S. imports continue to hurt inventories. U.S.
imports climbed 11 percent, the largest gain since April," ANZ
said in a note on Friday.

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