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COMMODITIES | Tue Sep 27, 2016 | 12:10am EDT

Oil prices slip on prot-taking as

investors await U.S. stockpile data
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A pumpjack drills for oil in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson

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EDITOR'S PICK

By Keith Wallis | SINGAPORE

Crude futures slipped in Asian trade on Tuesday as investors took prots after prices
climbed more than 3 percent in the previous session.
The dollar was also weighing on oil prices after rising against a basket of currencies,
suggesting markets were judging Democrat Hillary Clinton as the winner in the rst
U.S. presidential debate with Republican candidate Donald Trump.
A stronger greenback makes commodities like crude that trade on a dollar basis more
expensive for consumers that pay in other currencies.
Expectations of a build in U.S. crude stockpiles last week, according to a Reuters poll,
also pressured prices amid concerns of a global oversupply.
Major oil producers are gathering in Algeria for a three-day meeting that could see
moves to cut or freeze oil output in an effort to support oil prices.
The Organization of the Petroleum Exporting Countries and other oil producers led by
Russia are meeting informally on the sidelines of the International Energy Forum in
Algeria from Sept. 26-28.
But markets remained skeptical that producers would reach a deal, said Michael
McCarthy, chief market strategist at Sydney's CMC Markets.
"The dominant news for investors is U.S. inventory data unless we see something
surprising out of Algiers," he said.
The reversal in oil prices during the Asian time zone on Tuesday meant investors were
generally prot-taking, McCarthy said.
Brent crude futures slipped 15 cents to $47.20 a barrel as of 0346 GMT after closing up
$1.46, or 3.2 percent in the previous session.
U.S. West Texas Intermediate (WTI) crude fell 6 cents to $45.87 a barrel, after rising
$1.45, or 3.3 percent, in the previous session.
U.S. commercial crude oil stocks likely rose by an average of 2.8 million barrels to 507.4
million barrels in the week to Sept. 23, reversing three weeks of unexpected
drawdowns, a Reuters poll of seven analysts showed.
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That came ahead of weekly inventory reports from

industry group the American Petroleum Institute (API)
that will be released later on Tuesday, and the U.S.
Department of Energy's Energy Information
Administration (EIA) that will be published on
Wednesday.

OPEC member Iran on Monday downplayed the

chances of oil producers clinching an output-restraint
deal although several other producers, including the
United Arab Emirates and Algeria, hoped measures could be agreed to curb output.
"With the market still unconvinced an agreement will be reached, any signs that OPEC
will cap output could see prices surge higher," said ANZ in a market report on Tuesday.
(Reporting by Keith Wallis; Editing by Joseph Radford and Christian Schmollinger)

NEXT IN COMMODITIES

LIVE: Election 2016

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BP tanker carrying U.S.

crude discharged at
Curacao after 100-day
wait

Venezuela PDVSA
sweetens bond swap
terms after market
skepticism

HOUSTON A tanker carrying over 1 million barrels

of U.S. light crude nished discharging on
Monday after a 100-day wait related to payment
delays from Venezuela's state-run PDVSA to oil
major BP Plc, according to Thomson Reuters
vessel tracking data.

CARACAS Venezuelan state oil company PDVSA

on Monday sweetened the terms of a bond swap
proposal that had drawn market skepticism,
offering more 2020 bonds in exchange for bonds
maturing in 2017, part of an effort to improve the
company's cash-ow situation.

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