Oil prices fall 3 per cent as investors focus again on glut ~ Market Updates Tips Tricks Recommendations

Tuesday 29 March 2016

Oil prices fall 3 per cent as investors focus again on glut

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Oil prices fell about 3 per cent on Tuesday, reflecting growing concern that a two-month rally was fading as demand fails to keep up with swelling global supply, including new output from Kuwait and Saudi Arabia.

Brent futures settled down $1.13 at $39.14 a barrel while US crude settled $1.11 lower at $38.28 per barrel.

Prices rebounded marginally in post-settlement trading after data from industry group American Petroleum Institute showed a 2.9 million barrels rise in crude stocks last week, less than the 3.3 million barrels analysts had expected.

The decision by Kuwait and Saudi Arabia to resume oil production at the jointly operated 300,000-barrel-per-day Khafji field, at a time when production is supposed to be frozen, triggered the selloff in oil, traders said.

Market watchers have said the rebound in US crude from 12-year lows touched in February was due more to short covering, rather than improving fundamentals.

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