Oil resumed its decline below $30 a barrel as Iran loaded its first cargo to Europe since international sanctions ended.
Futures fell as much
as 1.7 percent in New York after surging 12 percent on Friday, while
Brent in London slid 2.1 percent. A tanker for France’s Total SA was
being loaded Sunday at Kharg Island while vessels chartered for Chinese
and Spanish companies were due to arrive later the same day, an Iranian
oil ministry official said. U.S. drillers idled rigs for an eighth week
amid brimming U.S. crude stockpiles, according to data from Baker Hughes
Inc.
Oil is down about 22
percent this year amid the outlook for increased Iranian exports and BP
Plc predicts the market will remain “tough and choppy” in the first half
as it contends with a surplus of 1 million barrels a day. Speculators’
long positions in West Texas Intermediate through Feb. 9 climbed to the
highest since June, according to data from the U.S. Commodity Futures
Trading Commission.
WTI for March delivery
slid as much as 49 cents to $28.95 a barrel on the New York Mercantile
Exchange and was at $29.08 at 9:19 a.m. Hong Kong time. The contract
gained $3.23 to close at $29.44 on Friday after dropping 19 percent the
previous six sessions. Total volume traded was about 11 percent below
the 100-day average. Prices lost 4.7 percent last week.
Brent for April
settlement declined as much as 69 cents, or 2.1 percent, to $32.67 a
barrel on the London-based ICE Futures Europe exchange. The contract
climbed $3.30 to close at $33.36 on Friday. The European benchmark crude
was at a premium of $1.46 to WTI for April.
Source : Bloomberg
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