Oil Falls in Asia; OPEC Cuts Demand Forecast

Oil....

Crude oil futures extended losses in the Asia electronic session today as OPEC cut its demand for this year. However a smaller than expected rise in the inventories kept oil supported above $94 levels.
Oil production from the Organization of the Petroleum Exporting Countries fell by 170,000 barrels per day in March from a month earlier to 30.25 million barrels per day, according to a Platts survey of OPEC and oil industry officials and analysts released Wednesday. Output from Saudi Arabia was at 9.2 million barrels per day in March, unchanged from February, Platts said.
Overall, the March survey showed that OPECs oil production is running about 250,000 barrels per day above the cartels 30 million barrel-per-day production ceiling. OPECs next meeting is set for May 31 in Vienna. On Wednesday, the group cut its oil demand forecast for this year.
Crude supplies rose 300,000 barrels for the week ended April 5, according to the Energy Information Administration. That was much less than the 1.4 million-barrel climb expected by analysts polled by Platts.
Crude oil for May delivery is trading down 32 cents at $ 94.32 per barrel on the New York Mercantile Exchange. Yesterday, it settled at $94.64 a barrel, up 44 cents, or 0.5%.
MCX April crude oil futures may open today’s session near Rs 5130 levels with support around Rs 5100 levels.
Source by Commodity Insights