Crude oil prices fall as 'OPEC+' delays meet on output cut

U.S. President Donald Trump answers a question during the daily coronavirus task force briefing at the White House in Washington U.S

Trump Says'Doesn't Care About OPEC, Will Put Tariffs on Oil Imports If He Has to REUTERS JOSHUA ROBERTS

Russian Federation is balking at the idea that market-driven declines in US oil output could represent a significant contribution to a new global production-cutting deal, Bloomberg and Reuters reported this morning.

Futures in NY rose as much as 3.5%, after sliding more than 9% on Tuesday.

USA crude inventories jumped by 11.9 million barrels to 473.8 million barrels in the week to April 3, according to data from the American Petroleum Institute (API) released on Tuesday. However, he also cautioned against taking steps that could damage an industry already struggling due to the effects of the CCP (Chinese Communist Party) virus, commonly known as the novel coronavirus, on the USA economy.

But some observers believe a fall in America's crude output forecast released Tuesday could be enough for Riyadh and Moscow. Driven by the economic slowdown, demand for oil in April is expected to drop by 20 million bpd year on year, and probably more, experts say.

US President Donald Trump on Monday said that OPEC had not asked him to push domestic oil producers to cut production to buttress prices. Industry consultant FGE was less optimistic, however, saying the risk is heavily skewed to no deal happening.

The meeting was initially meant to be held on Monday this week, but was delayed after fresh disagreements over the weekend. "As long as the world's top oil producers fail to agree on supply curbs", Baltimore-based T. Rowe Price told Bloomberg, "the securities will be under pressure".

US gasoline stocks rose by 10.5 million barrels in the week, also exceeding expectations and falling just shy of an all-time record.

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Cramer has vowed not to oppose any anti-Saudi legislation until the price war ends and has joined Sullivan in introducing a bill that would pull U.S. troops and missile defenses meant to deter Iran out of the kingdom and relocate them elsewhere in the Middle East.

He didn't say whether the USA would take part in coordinated action, as per Russia's requirement, but noted that the US was already adjusting its own free market, with companies making changes at their pace and the government offering storage to oil producers.

Kodex WTI Crude Oil Futures ETFs, in particular, attracted 421.4 billion won from individuals, almost 23 times the figure seen the previous month.

A barrel of Brent, the global benchmark, was changing hands at $32.69 a barrel, up 2.5 percent. The global benchmark traded at a $2.78 premium to WTI for the same month.

Worldwide oil demand has dropped by roughly 30 per cent, or about 30 million barrels a day. Any agreement should include producers from outside of the OPEC+ alliance, OPEC sources said.

In a sign of the growing energy glut in the world's largest economy, the American Petroleum Institute reported stockpiles rose by 11.9 million barrels a day last week, according to people familiar with the data.

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