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Oil holds losses as higher U.S. output forecasts counters cuts

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Oil held losses near $49 a barrel amid speculation that a forecast rise in U.S. output will offset OPEC-led efforts to trim a global glut. Futures lost in 0.8 percent in the previous two sessions and were little changed in New York on Wednesday, even as industry data showed crude inventories slumped. The Energy Information Administration marginally increased its estimates for U.S. output in 2017 and 2018, changing its forecast this year to average 9.35 million barrels a day, up from 9.33 million.

While oil is down for a third day, prices are less than $1 lower from Friday’s close as investors weigh rising global supply against output curbs from the Organization of Petroleum Exporting Countries and its allies. OPEC said Iraq, the United Arab Emirates and Kazakhstan, which have lagged in their pledged curbs, affirmed their commitment to the accord after a meetings in Abu Dhabi that ended Tuesday.

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

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