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Oil prices edged up on Tuesday, buoyed by a jump in global stock markets that came after sharp declines in the previous week.

U.S. WTI crude futures stood at $59.44 per barrel. The contract is up 0.25 percent, or 15 cents from their last close. Brent crude futures traded at $62.78 per barrel, up 19 cents or 0.3 percent from the prior settlement.

Last week, stock markets recorded some of the steepest declines on record,affecting confidence across markets. With markets seemingly entering a period of respite, oil traders said attention was slowly returning to inventory levels to measure crude supply levels.

The American Petroleum Institute is scheduled to release crude inventory estimate figures on Tuesday, while government agency U.S. Energy Information Administration is scheduled to release its fuel storage and crude production data on Wednesday.

With regards to demand, OPEC said on Monday that it anticipated world oil demand to rise by 1.59 million bpd this year, marking a rise of 60, 000 bpd from its prior estimate, hitting 98.6 million bpd.

The increasing consumption is being matched by higher output from producers outside OPEC, according to the cartel. OPEC said the U.S. and other producers would bolster supply by 1.4 million bpd this year, 250, 000 bpd higher from last month and the third consecutive increase from 870, 000 bpd in November.

OPEC said that due to the non-OPEC production increase, oil markets would only return to a rebalanced supply and demand towards the end of 2018.

Related news

Gold prices dropped further on Wednesday and reached a one-week low as the dollar steadied following a recovery from last week's three-year trough, while investors awaited the minutes of the U.S. Federal Reserve's last policy meeting for clues on the pace of interest rate hikes this year.

Spot gold had dropped 0.2 percent to $1,326.37 per ounce and was down for a fourth consecutive session. Earlier in the day, prices hit its lowest since Feb. 14 at $1,325.31 an ounce.

U.S. gold futures were 0.2 percent lower at $1,328.5 per ounce.

Investors are looking forward to the minutes of the Fed's Jan. 30-31 policy meeting for any signs of a hawkish tone.

Spot gold may drop to $1,316 per ounce as it has broken a support at $1,335, according to Reuters technical analyst Wang Tao.

Holdings at the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, increased 0.39 percent to 827.79 tonnes on Tuesday from 824.54 tonnes on Friday.

Russia's gold reserves was at 59.7 million troy ounces as of the start of February, the central bank said. The country increased gold holdings by 18.911 tonnes to 1,857.73 tonnes in Jan. 2018, according to IMF data.

Foreign-owned banks, insurance companies and law firms could be locked out of Tanzania's mining sector as part of tough new regulations that aim to limit foreign ownership of mining-related activity.

Among other precious metals, silver fell 0.4 percent to $16.39 an ounce, palladium dropped 0.2 percent to $1,031.50, and platinum dipped 0.3 percent to $996.90.

The dollar climbed on Wednesday as the near-term focus shifted to the minutes of the Federal Reserve's last policy meeting for hints on the future pace of U.S. monetary tightening.

The dollar index rose 0.1 percent to 89.805, which was up around 1.8 percent from Friday's three-year low of 88.251.

The greenback rose 0.3 percent to 107.70 yen. Market players said stop-loss dollar buying provided additional support to the dollar, which climbed to 107.90 yen at one point.

The yen showed a muted reaction to comments from Masatsugu Asakawa, Japan's top currency diplomat, who was quoted as saying that yen's recent moves were “one-sided”.

The U.S. currency has weakened against the yen and other major currencies in recent months, with the positive impetus from rising U.S. interest rates offset by bearish factors, including worries that the United States could pursue a weaker dollar policy.

Market participants attributed the dollar's bounce over the past few sessions to short-covering after speculative trades helped pull it down to a 15-month trough of 105.545 yen last week.

The euro was steady at $1.2332, having pulled back from a three-year peak of $1.2556 set on Friday.

Later on Wednesday, investors will turn their attention to the minutes of the U.S. Federal Reserve's last policy meeting in late January.

Traders are also watching this week's large U.S. government debt auctions for clues to international investors' appetite for U.S. assets.

2018.02.21 04:18:00 UTC+00

Oil Slides as U.S. Dollar Strengthens

Oil prices edged down on Wednesday, affected by the resurgence of the strength of the dollar which pulled away from three-year lows it hit last week. Traders added that an expected rise in U.S. oil production also weighed on prices.

U.S. WTI crude futures stood at $61.32 per barrel, falling 47 cents or 0.8 percent from their last close. Brent crude futures declined 39 cents or 0.6 percent from their last settlement to $64.86 per barrel.

According to a Reuters analyst, Brent could slide to a range of $63.92 to $64.41 per barrel, as indicated by its wave pattern and a projection analysis.

Traders said the drop in prices were due to a rebound in the dollar, which potentially impacts fuel demand as it makes dollar-denominated commodities such as oil more expensive for countries using other currencies.

The dollar index advanced for a second day on Wednesday, pulling further away from the three-year lows it hit in the previous week as traders reduce bearish bets against the U.S. currency.

Another factor putting pressure on oil prices is surging U.S. output, now the world's second-biggest oil stream at over 10 million barrels per day, only marginally behind Russia and higher than top exporter Saudi Arabia.

The next weekly U.S. oil output data will be released by the EIA on Thursday following a one-day delay due to the President's Day holiday on Monday. It will also cover U.S. stockpile figures that are expected to show crude oil inventories increased 1.3 million barrels in the week to Feb 16.

Tags: Oil

See also: Current support and resistance levels
EUR/USD
GBP/USD
USD/JPY
GBP/JPY
EUR/CHF
AUD/USD
Feb 22 at 0:56 UTC

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