Malaysian palm oil futures hit a more than five-month low on Thursday tracking losses in rival edible oils, while caution as investors gauged the U.S. Federal Reserve's comments also weighed on sentiment.
Oil prices settled 1% lower on Thursday, reversing early gains after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the country's Strategic Petroleum Reserve may take several years.
* Oil prices drop after three sessions of gains. * U.S. Fed, with eye on inflation, signals pause. * No 'blanket insurance' for all U.S. bank deposits -Yellen. By Stephanie Kelly. Oil prices fell on Thursday following three sessions of gains, after U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises.
U.S. crude oil inventories are bloated and some demand indicators for fossil fuel products suggest there are remaining headwinds in the broader economy, analysts said Wednesday. The U.S. Energy Information Administration, the statistical arm of the Energy Department reported that domestic crude oil inventories increased by 1.1 million barrels from the seven-day period ending March 10.
U.S. crude stocks rose unexpectedly last week while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.1 million barrels in the week to March 17 to 481.2 million barrels, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel drop.
Fujairah Oil Industry Zone on Wednesday published the following
inventory data for oil products for the week ended March 20, according to industry information
service S&P Global Commodity ...
* * U.S. dollar falls to six-week low. * Oil market shrugs off U.S. crude stocks rise to 22-month high. By Scott DiSavino. Oil prices rose about 2% to a one-week high on Wednesday as the dollar slid to a six-week low after the U.S. Federal Reserve delivered an expected small rate hike while hinting that it was on the verge of pausing future increases.
Oil prices rose about 2% to a one-week high on Wednesday as the dollar slid to a six-week low after the U.S. Federal Reserve delivered an expected small rate hike while hinting that it was on the verge of pausing future increases.
Oil fell in early Asian trade on Wednesday, paring two straight days of gains after an industry report showed U.S. crude inventories rose unexpectedly last week in a sign fuel demand may be weakening. Brent futures, which have risen more than 3% this week, were down 48 cents, or 0.6%, at $74.84 a barrel at 0203 GMT.
Oil prices rose more than 2% on Tuesday, extending a retreat from a 15-month low hit the previous day, as the rescue of Credit Suisse allayed concerns of a banking crisis that would hurt economic growth and cut fuel demand.
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