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A weakening dollar and low U.S. diesel inventories lifted crude oil

Skylar Williams

Oct 14, 2022 15:08

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As Saudi Arabia and the US disagreed over OPEC+'s output cuts, oil prices rose in Asian trade on Friday, supported by a weaker currency and dropping diesel supplies.


Brent crude prices rose 29 cents, or 0.3%, to $94.86 a barrel by 02:42 GMT, while WTI crude futures rose 31 cents, or 0.35 %, to $89.42.


Both contracts dropped almost 3% after two weeks of rises owing to recession fears.


"The weaker U.S. dollar and the significant rebound in risk assets helped oil prices," said CMC Markets analyst Tina Teng. Dollar-denominated commodities like oil are cheaper for non-dollar holders when the dollar weakens.


"OPEC+'s output cut will continue to underpin oil prices, paired with a possible rise in China's demand in the fourth quarter if Beijing removes COVID limitations," Teng said.


China, the world's largest crude oil importer, is fighting a COVID recovery following its week-long National Day holiday earlier this month and before a pivotal Communist Party Congress when President Xi Jinping is expected to extend his reign. The country has a zero-COVID policy despite a low infection rate.


Saudi Arabia and the US opposed last week's OPEC+ plan to cut oil supply. Saudi Arabia, OPEC's de facto leader, called Washington's concerns "not based on facts" and said that delaying the cut by one month would have hurt the economy.


The White House claims that the Saudis pressured other OPEC members to vote in their favor after receiving research showing that the reductions could hurt the global economy. Both nations' officials will meet soon.


Oil prices were also buoyed by a strong fall in distillate inventories as heating oil demand is predicted to surge as winter approaches.


Thursday, the U.S. Energy Information Administration announced that distillate stockpiles, which include diesel and heating oil, fell by 4.9 million barrels to 106.1 million barrels, their lowest level since May, compared to estimates of a 2 million-barrel decline.


US crude oil and gasoline inventories rose more than expected. In the week ending October 7, the EIA reported a 9.9 million-barrel increase in oil stockpiles to 439.1 million, significantly exceeding the 1.8 million projected by analysts in a Reuters poll. [EIA/S]


"The market ignored a 10-million-barrel increase in U.S. crude inventories last week and instead focused on a 4.9-million-barrel decline in distillate inventories ahead of heating demand," said ANZ Research in a Friday note, adding that OPEC+'s oil output cut and Russian oil sanctions "create a perfect backdrop for volatile prices."

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