Crude Oil Prices Fall in Asia Amid Easing Concerns of Oversupply

Investors awaited weekly US data on drilling activity, which could indicate supply levels nationwide. Despite the decline in US crude stockpiles for three consecutive weeks, concerns of oversupply persisted. Meanwhile, tensions in the Middle East, particularly in Syria, may have little impact on global crude prices due to the country's limited crude production.

Key Takeaways:

• Crude oil prices fell in Asia by 0.11% to $60.66 a barrel on the New York Mercantile Exchange, as investors looked ahead to weekly US data on drilling activity.
• The number of rigs drilling for oil in the US fell by eight to 660, marking the 23rd consecutive weekly decline.
• Crude stockpiles have declined for three consecutive weeks amid increased refinery demand, as summer driving season nears.
• Storage capacity at the Cushing Oil Hub in Oklahoma remains near 80%, according to Genscape, Inc.
• Investors will keep a close eye on crude output in Alaska after last week's draw of 112,000 barrels per day, which surprised analysts.
• Tensions in the Middle East, particularly in Syria, may have little impact on global crude prices due to Syria's limited crude production.

Statistics:

• Crude oil prices fell by 0.11% to $60.66 a barrel.
• The number of rigs drilling for oil in the US declined to 660.
• Crude stockpiles have declined for three consecutive weeks.
• Storage capacity at the Cushing Oil Hub in Oklahoma is near 80%.
• Crude output in Alaska decreased by 112,000 barrels per day.
• Syria's crude production is ranked 63rd in the world at 23,000 barrels per day.

Sources:

• "News Release" by Bharat Petroleum Corporation Limited.
• Oil services company Baker Hughes (NYSE-BHI) weekly US rig count data.
• Genscape, Inc. storage capacity data at the Cushing Oil Hub in Oklahoma.
• US Energy Information Administration (EIA) on Syrian crude production.
• PlusMedia Solutions (editorial@plusmediasolutions.com)