Oil Prices Steady at $61
Oil prices were steady Wednesday ahead of the release of a weekly U.S. petroleum supply snapshot expected to show higher inventories in gasoline and heating oil.
Oil prices rose just 2 cents to $61.04 a barrel.
Gasoline inventories are seen increasing by about 900,000 barrels, while inventories of distillates, which include diesel and heating oil, are forecast to rise by about 300,000 barrels.
The market was also awaiting a decision by OPEC this week on whether to make further production cuts to shore up prices. Ministers of the Organization of Petroleum Exporting Countries (OPEC) began gathering in Abuja, Nigeria, and continued to send mixed messages about their intent.
The disagreement over whether further reductions in output were needed reflected uncertainty over demand over the next four months, worries that inventories are too high and chafing over the shrinking U.S. dollar that makes each barrel of crude worth less than it was a year ago.
OPEC already agreed in October to cut crude output by 1.2 million barrels a day, more than 4 %of its previous production, although the actual reduction is estimated at no more than two-thirds of that maximum.
Oil prices rose just 2 cents to $61.04 a barrel.
Gasoline inventories are seen increasing by about 900,000 barrels, while inventories of distillates, which include diesel and heating oil, are forecast to rise by about 300,000 barrels.
The market was also awaiting a decision by OPEC this week on whether to make further production cuts to shore up prices. Ministers of the Organization of Petroleum Exporting Countries (OPEC) began gathering in Abuja, Nigeria, and continued to send mixed messages about their intent.
The disagreement over whether further reductions in output were needed reflected uncertainty over demand over the next four months, worries that inventories are too high and chafing over the shrinking U.S. dollar that makes each barrel of crude worth less than it was a year ago.
OPEC already agreed in October to cut crude output by 1.2 million barrels a day, more than 4 %of its previous production, although the actual reduction is estimated at no more than two-thirds of that maximum.
posted by Ottawa Gas Prices | 5:19 AM
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