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Business

REUTERS
February 15, 2018

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Oil dips

Oil dips

Singapore : Oil dipped on Wednesday, squeezed by lingering oversupply including rising US inventories and ample physical flows, though the prospect of Saudi output dropping in March, economic growth hopes and a weaker dollar all combined to cap losses.

US West Texas Intermediate crude futures were at $59.06 a barrel at 0741 GMT, down 13 cents from their last settlement. WTI was trading above $65 in early February.

Brent crude futures were at $62.68 per barrel, down 4 cents. Brent was above $70 a barrel earlier this month.

The Saudi energy ministry said on Wednesday that Saudi Aramco´s crude output in March will be 100,000 barrels per day (bpd) below its February level while exports would be kept below 7 million bpd.

Ongoing weakness in the US dollar as well as economic growth were also somewhat supporting oil markets.

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