Crude Oil Below 'Head and Shoulder' Neckline Level

Crude Oil Below 'Head and Shoulder' Neckline Level

Vessel-tracking and port data suggest Asian imports of US crude were equivalent to about 560,000 barrels per day (bpd) in February, down sharply from 676,190 bpd in January.

USA output is expected to surge beyond 11-million bpd by late 2018, which would surpass the current leading producer Russian Federation.

Weakened by the resignation news, oil prices slid further after the American Petroleum Institute estimated inventories had risen by 5.66 million barrels last week in yet another weekly reminder about the excessive volatility reigning on oil markets.

Oil futures were lower Thursday morning as rising U.S. production and a stronger dollar pulled NYMEX crude toward $60/b.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.13 a barrel, down 47 cents, or 0.75 percent.

Crude oil followed suit, with Brent futures LCOc1 down 51 cents, or 0.8 percent, from their previous close at $65.28 per barrel at 0414 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.




Oil's correlation with the equity market has been positive, meaning the two tend to move in tandem, for at least a month, the longest such stretch in a year.

Oil prices fell on Wednesday as financial markets slid amid concerns that Washington's plans for import tariffs could spark a trade war, and after U.S. government data showed an increase in crude inventories and output.

Major powers, including the European Union and China, have said such tariffs could lead to retaliatory action and trigger a global trade war.

This U.S. increase is putting pressure on the Organization of the Petroleum Exporting Countries, Russia and other nations that have curbed output to prop up prices but risk losing market share. Last week's API report showed a build in gasoline inventories of 1.914 million barrels. Both benchmarks were trading down from last Tuesday afternoon. The administration is considering clamping down on Chinese investments in the USA and imposing tariffs on a broad range of imports to punish Beijing for its alleged theft of intellectual property, according to people familiar with the matter.

"Despite the global economy humming, we see fragility in the oil market", Julius Baer head of commodities and macro-research Norbert Rücker said, adding that rising inventories put pressure on oil prices in the short term.

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