Rising US inventories and higher Opec output is helping to push crude prices lower. Atlantic basin marker North Sea Dated dipped below the $116/bl mark for only the second time since early February, as it shed $3.48/bl to $115.89/bl in the week to 3 May. US benchmark WTI was down by $2.01/bl to $102.54/bl. Opec production is running at around 32mn b/d, a three-and-a-half-year high and 2mn b/d above the group’s own estimate of the call on its crude this year. Some in Opec want to bring values back towards $100/bl, in order to prevent possible demand erosion. Much of the excess output is going into rebuilding stocks, including in China.
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