Oil traded near $45 a
barrel in New York as Saudi Arabia’s oil stockpiles climbed to a record,
adding to signs that the global oversupply may persist.
Futures were little
changed in New York after declining 4.7 percent on Friday. Commercial
petroleum stockpiles held by the world’s biggest crude exporter
increased to 320 million barrels, the highest since at least 2002,
according to data Sunday on the website of the Riyadh-based Joint
Organisations Data Initiative. Venezuela and Saudi Arabia agreed to
restore stability in the oil market, Foreign Minister Delcy Rodriguez
said on Twitter over the weekend.
Oil is down more than
25 percent from this year’s closing peak in June amid a global
oversupply that Goldman Sachs Group Inc. predicts may keep prices low
for the next 15 years. The Organization of Petroleum Exporting Countries
has sustained output amid the glut, producing above the group’s target
of 30 million barrels a day for a 15th month in August, according to
data compiled by Bloomberg.
West Texas
Intermediate for October delivery, which expires Tuesday, was at $44.83 a
barrel on the New York Mercantile Exchange, up 15 cents, at 9:44 a.m.
Seoul time. The contract lost $2.22 to $44.68 on Friday. The volume of
all futures traded was about 22 percent below the 100-day average. The
more-active November future rose 14 cents to $45.16.
Brent for November
settlement was 6 cents higher at $47.53 a barrel on the London-based ICE
Futures Europe exchange. Front-month prices slid 1.4 percent last week.
The European benchmark crude traded at a premium of $2.37 to WTI for
November.
Saudi Arabia cut back
oil production by 1.9 percent in July, the first drop since February, to
10.36 million barrels a day, according to the JODI data. Crude exports
slumped 1.2 percent to 7.28 million barrels a day.
Money managers’
net-long position in WTI rose by 14,821 contracts to 147,678 futures and
options in the week ended Sept. 15, leaving them the most bullish in
two months, U.S. Commodity Futures Trading Commission data showed.
Source: Bloomberg
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