On March 2nd Excon Fuji Securities reported oil price weakness as they slipped down after industry data showed
that crude stockpiles were already at record highs.
According to the American Petroleum Institute data, the U.S. crude
stocks jumped by 3.6-million barrels, in line with analysts’ expectations, adding
to already record level reported back last week.
The crude prices ticked higher after OPEC and non-OPEC producers
scheduled to have their next meeting in Doha on April 17 to plan to freeze
output levels, despite the absence of Iran.
In the meantime, WTI tacked on 66 cents, or 1.82% to trade at
$37.00 a barrel on the New York Mercantile Exchange after expectations of the
U.S. crude inventories to rise at a slower pace than expected last week. Brent's
West Texas Intermediate crude contract held steady and showed little changed to
$41.26 a barrel, compared to $42.40 by close of trade on March 1.
Since dropping down to 13-year lows at $26.05 on February, U.S.
crude futures have gained about 35%. Investors expected earlier that the market
may have bottomed out, which boosted a rally in oil prices in the last two
weeks.
At the end of the month, Brent oil rose 49 cents to $40.34 a barrel
and the U.S. crude climbed 63 cents to $38.91 a barrel.
