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Crude falls $0.06

Posted on: March 08, 2017

A slow day for crude WTI futures settling $0.06 lower to $53.14. Saudi Arabia’s energy minister expressed optimism of an increasing worldwide demand in oil at the CERAweek in Houston. US crude stockpiles projected to have a 1.39 million barrel build last week according to the Bloomberg survey of analysts. Iran’s production increased to 3 million bpd and Libya continues to face political uncertainty where militia groups have halted shipments at the main ports, but they have still managed to increase production to 673,200 bpd from 663,000 since this Monday.

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