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U.S. crude falls back after jumping on hopes of Russia, OPEC cooperation

Published 2016-01-27, 07:14 p/m
© Reuters. U.S. crude falls back after jumping on hopes of Russia, OPEC cooperation
LCO
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CL
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SEOUL, Jan 28 (Reuters) - U.S. crude futures fell more than
1 percent in Asian trading on Thursday, paring gains of nearly 3
percent in the previous session, after Russia held out the
possibility of cooperating with OPEC to control global
oversupply.
Falls were capped, however, by a weaker dollar following the
Federal Reserve's decision to keep its overnight interest rate
unchanged and the release of a statement suggesting it was
re-evaluating the pace of future hikes.
U.S. crude CLc1 lost 33 cents at $31.97 a barrel as of
0008 GMT. It settled up 85 cents at $32.30 a barrel, a 2.7
percent gain, on the previous session.
Brent crude LCOc1 ended up $1.30, or 4.1 percent, at
$33.10 a barrel.
Russian officials have decided they should talk to Saudi
Arabia and other OPEC countries about output cuts to bolster oil
prices, the head of Russia's pipeline monopoly said on
Wednesday.
The Energy Information Administration said on Wednesday that
U.S. crude inventories USOILC=ECI rose by 8.4 million barrels
last week, higher than analysts' expectations for a rise of 3.3
million barrels. That brought crude inventories to the highest
level since the EIA began tracking the data.
Yet crude stocks at the Cushing, Oklahoma, delivery hub
USOICC=ECI fell by 771,000 barrels, which supported the oil
prices. EIA/S
"Overall inventories rose by 8.38 million barrels. This
helped to narrow the spread between Brent and WTI overnight,"
ANZ said in a note on Thursday.
Wall Street stocks and the dollar fell on Wednesday as the
Federal Reserve held U.S. interest rates unchanged, as expected,
and said it was closely monitoring global economic and financial
developments. MKTS/GLOB

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