Data from the US Energy Information Administration late on Wednesday showed that US crude exports soared to 1.98 million barrels per day last week, much higher than the 1.50 million bpd reported just a week prior. The increase in exports has been triggered by the large discount in prices for West Texas Intermediate crude compared to Brent crude, which makes oil exports from the country increasingly attractive. US crude futures for November delivery fell for a third session on Wednesday. Prices stabilized in early Asian trade on expectations that top producers Saudi Arabia and Russia would work to extend output cuts during November OPEC and non-OPEC discussions. US crude futures are currently hovering around $49.90 a barrel. Considering the bearish short-term trend, a break below the strong support at $49.50 could spur a fresh bout of selling pressure.
US Crude Futures Slip Beneath $50
Daily Analysis - 05/10/2017