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Share Name | Share Symbol | Market | Type |
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Abn Amro Holding N.V. | NYSE:ABN | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
By Nicole Friedman
Oil prices extended their losses Wednesday after U.S. inventory data showed the largest one-week build in crude supplies since 2001.
U.S. crude-oil stockpiles rose by 10.9 million barrels in the week ended April 3, the U.S. Energy Information Administration said Wednesday.
Inventories now sit at 482.4 million barrels, the highest level on record in weekly data going back to 1982.
Light, sweet crude for May delivery recently fell $2.11, or 3.9%, to $51.87 a barrel on the New York Mercantile Exchange.
Brent, the global benchmark, fell $1.73, or 2.9%, to $57.37 a barrel on ICE Futures Europe.
"There's simply not a shortage at all," said Kyle Cooper, analyst at IAF Advisors in Houston. "There's a big glut, and that glut remains intact."
Though crude oil has recovered some ground after touching multiyear lows in January, prices are still off by close to 50% since last summer as global supply continues to exceed demand. Oil futures have been whipsawing between gains and losses in recent weeks as investors weigh signs of improving demand against ample supplies from the world's biggest oil producers.
U.S. inventories are running at the highest level in more than 80 years as production has stayed near multi-decade highs despite the decline in the number of oil-drilling rigs in the U.S.
Global supplies appear set to continue growing. Saudi Arabia, the world's top oil exporter, raised its crude output to 10.3 million barrels a day in March to a record high.
Ali al-Naimi, Saudi Arabia's oil minister, said Tuesday that the kingdom's production will continue at around 10 million barrels a day, signaling that his country is determined to ride out the price slide without making any output cuts.
Output has recently increased in Russia and Libya, according to a note from brokerage PVM. "The fall in shale-oil production is being overwhelmed by increases elsewhere," PVM analysts wrote.
Members of the Organization of the Petroleum Exporting Countries, and particularly Saudi Arabia, have no intention of reducing oil production because non-OPEC countries such as the U.S. and Canada would quickly ramp up output to fill the gap, ABN Amro said.
"In other words, OPEC would merely lose market share without achieving its objective of raising oil prices," it said. ABN Amro expects oil prices to test new lows before recovering by year-end to around $60-$65 a barrel.
Meanwhile, petroleum giant Royal Dutch Shell PLC has agreed to buy BG Group PLC for about $70 billion , the latest sign of how tumbling energy prices are shaking up the global oil-and-gas industry.
Write to Nicole Friedman at nicole.friedman@wsj.com
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