Oil
fell after capping its first monthly gain since June as increased
production from Saudi Arabia lifted OPEC’s output beyond its collective
quota for a ninth month.Futures decreased as much as 1.1 percent in New York. The Organization of Petroleum Exporting Countries pumped 30.6 million barrels a day in February, above the group’s output target of 30 million a day, according to a Bloomberg survey. U.S. drillers cut the number of rigs in service for a 12th week to the fewest since June 2011, Baker Hughes Inc. data showed.
Saudi Arabia led OPEC’s decision in November to maintain the group’s output, exacerbating a global glut that drove oil almost 50 percent lower in 2014. West Texas Intermediate’s discount to European prices settled at the widest in more than a year on Feb. 27 as U.S. crude stockpiles expanded to the highest level in weekly data that started August 1982.
WTI for April delivery slid as much as 54 cents to $49.22 a barrel in electronic trading on the New York Mercantile Exchange and was at $49.35 at 11:18 a.m. Sydney time. The contract rose $1.59 to $49.76 on Feb. 27, capping a 3.2 percent gain for the month. The volume of all futures traded was about 63 percent below the 100-day average.
Brent for April settlement was down 41 cents, or 0.7 percent, to $62.17 a barrel on the London-based ICE Futures Europe exchange. It advanced $2.53 to $62.58 on Friday. Prices rose 18 percent in February, the most since May 2009. The European benchmark crude was at a premium of $12.84 to WTI after closing at $12.82 on Friday, the widest since January 2014.
Source : Bloomberg
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