06 March 2019, Singapore/London — Oil prices eased on Wednesday as bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed OPEC-led production cuts.
Brent crude futures were at $65.74 per barrel at 1416 GMT, down 12 cents from their last settlement. U.S. West Texas Intermediate (WTI) crude oil futures were down 45 cents at $56.11 per barrel.
“Crude oil futures continue to demonstrate whippy trades as markets balance between OPEC-led cuts and the effects of rising U.S. production levels,” said Benjamin Lu, commodities analyst at Singapore-based brokerage firm Phillip Futures.
Increasingly event-driven trading was adding to market volatility, he said.
Chevron Corp and Exxon Mobil Corp released rival Permian Basin projections on Tuesday pointing to increased shale oil production.
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If realised, the increases would cement the pair as the dominant players in the West Texas and New Mexico field, with one-third of Permian production potentially under their control within five years.