Oil Set for First Monthly Drop Since August on Stockpile Fears
Wednesday, 28 February 2018 09:21 WIB | ENERGY |MinyakWTIBrentMinyak WTIOil,

Oil is poised to post its first monthly decline in six months after an industry report showed U.S. crude stockpiles expanded and commodity prices fell under pressure from a stronger dollar.

Futures in New York dropped 0.4 percent and are down 3 percent in February. The American Petroleum Institute was said to report U.S. oil inventories rose 933,000 barrels last week, ahead of government data on Wednesday. TheBloomberg Commodity Index is on course for a 1.4 percent slide this month while the dollar added 1.2 percent in the same period, reducing the appeal of commodities priced in the currency.

West Texas Intermediate for April delivery fell 26 cents to $62.75 a barrel on the New York Mercantile Exchange as of 8:59 a.m. in Singapore, on course for the first monthly decline since August. The 3 percent drop this month comes after prices rallied 37 percent in the five months through to the end of January. Total volume traded was about 60 percent below the 100-day average.

Brent for April settlement, which expires Wednesday, slipped 0.3 percent to $66.41 a barrel on the London-based ICE Futures Europe Exchange. The contract lost 1.3 percent, or 87 cents, on Tuesday. The more-active May contract lost 26 cents to $66.26. The global benchmark crude traded at a $3.72 premium to April WTI.

Source: Bloomberg

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