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16 August 2017, 03:21 | Ruby West
A view shows a petrol nozzle refuelling a car at a petrol station in Viterbo
Total volume traded was about 30 percent above the 100-day average. West Texas Intermediate, the USA benchmark for the price of oil, was down 0.55 percent to $47.33 per barrel.
September West Texas Intermediate crude oil CLU7, +0.34% fell 4 cents, or less than 0.1%, to settle at $47.55 a barrel on the New York Mercantile Exchange-off the day's low of $47.02. A stronger dollar makes oil more expensive for buyers using other currencies. "The market doesn't want to take WTI prices over $50 [a barrel] and encourage USA production growth, but Brent prices below $50 are viewed as too low, with inventories on the decline and demand showing relative strength".
State-run refiner Indian Oil Corp. has for the first time bought 950,000 barrels of light sweet Eagle Ford shale oil from the USA, company officials said Friday.
Chinese refineries processed 10.71 million barrels per day (bpd) in July, National Bureau of Statistics data showed, down around 500,000 bpd from June and the lowest rate since September 2016. The drop was steeper than expected, raising concerns over the state of Chinese demand and the level of domestic stocks. Some investors turned to oil and gold as safe haven investments last week as tensions rose between the United States and North Korea.
An announcement by the Nigerian subsidiary of Royal Dutch Shell that it had lifted a force majeure on Bonny Light crude exports also added to market surplus woes.
Last week, oil prices settled higher on Friday, but still ended the week with a loss amid lingering concerns over a global supply glut.
More broadly, analysts said ample supplies were preventing prices from moving much higher. "We actually need product demand for that to happen". US oil inventories are expected to have decreased by 3 million barrels on average in the week ended Aug 11., according to a survey of 12 analysts and traders by The Wall Street Journal.
Analysts polled by S&P Global Platts expect the EIA report to show that crude supplies fell 3.6 million barrels for the week ended August 11.
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