Published: Wed, February 21, 2018
Finance | By Cynthia Curry

Crude oil futures slip 0.42 pc on profit-booking

Crude oil futures slip 0.42 pc on profit-booking

The price for Brent crude oil, the global benchmark, has fallen from its January peak at just above $70 per barrel, but got support from defense rhetoric against Iran from Israel's prime minister. USA gold futures were down 0.1pc at $1,357.2 per ounce on Thursday.

The United Arab Emirates energy minister said on late Thursday that oil producers led by Saudi Arabia and Russian Federation aimed to draft an agreement on a long-term alliance by the year end, according to CNBC.

Oil is struggling to regain the highs of January after a sell-off in global equities seeped into crude markets earlier this month.

However, higher U.S. production seems to be trying to restrain OPEC's efforts.

The WTI Crude Oil market rallied a bit during the day on Monday, as we continue to see a bit of a relief rally after the massive selloff.

The American Petroleum Institute said last Tuesday that U.S. crude inventories rose by 3.9m barrels in the week to Feb 9, to 422.4m.

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Oil and gas production will also continue to grow along with renewables, although oil production growth will stagnate around 2032, according to the EIA forecast. The preliminary reading on the consumer sentiment index for February came in at 99.9, up from the final January reading of 95.7. But expectations that the Fed will raise interest rates to fight inflation make gold less attractive since it is not interest-yielding.

However, earlier this week both Saudi Arabia and Russian Federation admitted publicly that the metric to measure stockpiles is flawed and must be replaced - which implies that any claim made by OPEC or other parties about the true state of the crude market is questionable at best.

Gold shed 0.3 percent to 1,342.07, while gold futures for the April contract fell by 0.8 percent to $1,344.60. Volumes were massive with 39.4m ounces of April delivery gold traded.

Without elaborating on the strategy, he added that a draft framework might be endorsed and signed by all 24 countries before the end of the year.

WTI was at a premium of 36 cents a barrel to the Dubai oil yesterday, compared with an average discount of about US$2 over 2017.

So far this year North American gold investors have the led the charge with funds adding 21.5 tonnes worth $940m during the month or three-quarters of the global total.

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