Oil prices fell slightly on Thursday as the euro weakened against the dollar after the European Central Bank president said that, if the International Monetary Fund took responsibility for bailing out Greece, it would send a negative message.
IN FOCUS
- Mexican oil production fell in February but at a far slower rate than in early 2009, suggesting state oil monopoly Pemex is successfully controlling the decline. Crude output was 5,000 barrels per day lower than in January at 2.61 million bpd and 2 percent below the year-ago level in February, Pemex reported on Thursday.
- The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, was at its lowest in three weeks on Thursday as quieter trade weighed on sentiment.
- Seaborne oil exports by OPEC, excluding Angola and Ecuador, will rise by 400,000 barrels per day (bpd) in the four weeks to April 10, an analyst who tracks future shipments said on Thursday. Exports from the group will rise to 23.39 million bpd on average from 22.99 million bpd in the four weeks to March 13, UK consultancy Oil Movements said in its latest weekly estimate.
- Global oil consumption could hit a massive 134 million barrels per day (bpd) by 2030, up from 85 million bpd currently, and demand is unlikely to peak in the foreseeable future, according to a recent academic paper.
- Oil inventories at the key U.S. Cushing, Oklahoma crude oil hub rose by 754,739 barrels to 31.8 million barrels in the week to March 23, according to a report from energy industry data provider Genscape released on Thursday.
FUNDAMENTAL OUTLOOK
Crude oil prices recovered after being under pressure from a couple of days. We expect crude oil prices to further show some strength as cooling economic worries in Europe and China will support the prices.
