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04-11-2016

3 Mins Daily Market Report


Oil prices edged up in early trading on Friday, stabilizing after five straight days of falls triggered by a surge in U.S. crude inventories and doubts over the ability of oil producers to coordinate an output cuts.

International Brent crude oil futures were trading at $46.50 per barrel at 0036 GMT, up 15 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) futures were at $44.83, up 17 cents, or 0.4 percent.

Despite the slight increases, traders said market sentiment was bearish. Brent futures fell for the past five straight trading sessions and is down about 13.5 percent since its most recent peak in mid-October.

Analysts said markets were also weighed down by traders pulling out money from crude futures ahead of the upcoming U.S. presidential elections, which are seen as a risk to global markets.

Beyond concerns ahead of the U.S. elections, traders said oil market fundamentals were also weak, with U.S. crude stocks surging, demand growth low, and doubts that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producer Russia can agree on a meaningful output cut later this month.

U.S. crude oil stockpiles soared more than 14 million barrels last week, the largest weekly build since the U.S. Energy Department started keeping records in 1982, highlighting that a global fuel supply overhang is far from over.

While oil production remains near records and inventories are high, British bank Barclays said demand growth was timid. (CNBC)


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