Oil prices fell 4 per cent on Tuesday after Saudi Oil Minister Ali Al-Naimi ruled out any production cuts, restating the kingdom’s rationale for maintaining output was that demand would absorb excess crude that has crushed prices over the past 20 months.
Benchmark Brent crude futures settled down $1.42, or 4 per cent, at $33.27 a barrel, while US crude futures fell $1.52, or 4.6 per cent, to $31.87 a barrel.
Investment bank Jefferies expects OPEC output to hit 32.6 million barrels per day (bpd) in the second quarter, including higher Iranian output, with markets starting to rebalance by the third quarter as production outside OPEC falls by 800,000 bpd this year.
While the market held steady after giving up 4 per cent, a further retreat is possible. If US crude futures drop below $31.30 a barrel, there may another downward leg, said Zahir, adding that crude stockpiles are expected to build as refineries shut for spring maintenance.
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