The Australian and New Zealand dollars are both trading lower today on falling oil prices.
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“Iran will win back its global market quota in the post-sanctions era”, Rokneddin Javadi, managing director of the National Iranian Oil Co., told the Oil Ministry’s news website, SHANA, Oil Gas Daily reported.
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“There is a long way to go before global supply and demand rebalancing occurs”, Angus Nicholson, a market analyst at IG Ltd.in Melbourne, said by phone.
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U.S. benchmark West Texas Intermediate (WTI) for February delivery tumbled $1.27, or 3.4 percent, to $36.60 a barrel on the New York Mercantile Exchange, erasing the prior day’s brief rebound.
Meanwhile, the average value for monthly 2016 Brent contracts is $40.89 per barrel, just $3.50 above current prices and well below the analysts’ forecasts for the year’s average.
“We are likely getting closer to a more balanced market”, said Ric Spooner, chief market analyst at CMC Markets, adding that he expected Brent to average $45 a barrel while warning that there would be high volatility.
Oil could draw support if U.S. Energy Information Administration data later on Wednesday shows a drawdown in U.S. weekly oil stocks.
Futures rose 2.9 percent in NY, paring Monday’s 3.4 percent slide.
The price of WTI Crude Oil dropped $1.01 to $36.86 US overnight and equity futures for the USA are pointing to a negative open in stocks.
Low crude oil prices are hurting exporting economies like Russia’s.
Assali said the economy will grow by as much as 5 percent during the next Iranian calendar year, which begins March 21, as more of its oil enters the market. The group, however, has been producing almost a million more barrels than its ceiling for the past 16 months. At 1550 GMT, Brent traded $US1.10 lower at $US36.69 per barrel, less than $US1 away from 11-year lows reached last week.
Ahead of the official data from the US Department of Energy’s statistical arm, preliminary data from the American Petroleum Institute suggested that inventory levels increased in the country by 2.9 million barrels during the week. Inventories dropped sharply – by 6 million barrels the previous week. USA crude stockpiles probably fell a second week, according to a Bloomberg survey before government data Wednesday.
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Saudi Arabia’s oil minister, Ali al-Naimi, reiterated the OPEC leader’s plan to keep pumping crude, adding to already bearish sentiment created by slowing global energy demand and record-high inventories.
