U.S. crude drops as dollar rises on strong jobs report

Oil Weekly

Oil Weekly

Oil, which recently hit the highest levels in almost three years, has also been pressured by rising U.S. crude production, which could threaten the Organization of the Petroleum Exporting Countries' effort to support prices.

The crude market remains in positive territory for the year however, even after Wall Street stocks on Monday posted their largest one-day fall since late 2011.

Brent for April settlement lost 96 cents to close at US$67.62 on the London-based ICE Futures Europe exchange.

USA crude futures were stronger in post-settlement trading after weekly inventory figures from industry group the American Petroleum Institute showed a 1.1 million barrel decrease in overall crude oil stocks for last week.

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USA government data last week showed output climbed above 10 million barrels per day in November for the first time since 1970.

"For oil, API's numbers are supportive". Oil has shed 5.2 percent.

"Crude's rally may force the Indian government to choose between cutting excise duty on petroleum products or reintroducing fuel-price caps to control inflation", Bloomberg Intelligence analysts Kunal Agrawal and Kar Wai Lee said in a note early this week.

USA stocks eventually rebounded in volatile afternoon trading on Tuesday.

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"This is contagious from the financial markets and the equity market, especially", Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by telephone. The prompt futures contract is trading well above those for delivery further in the future. "Stock markets around the world are under pressure, which confirms that the steep price rise in the previous weeks was for the most part sentiment-driven".

Oil's decline accelerated as the deepening slump in equity and debt markets undermined the outlook for energy demand against the backdrop of swelling U.S. crude production.

Oil rose for a third day after a survey showed strong compliance with output cuts by OPEC and others including Russian Federation, offsetting concerns about surging US production. It forecast that oil will return 24% to investors over the next six months.

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