Oil Markets Mixed On Lower Canadian Flows, Firmer Dollar

US WTI crude for March delivery was up 73 cents or 1.2% at $62.41 a barrel by 11.30am after earlier touching its highest since 7 February

U.S. West Texas Intermediate (WTI) crude futures were at $62.38 a barrel at 0518 GMT, up 70 cents, or 1.1 percent, from their last settlement.

Money managers slashed their bullish wagers on ICE Brent crude oil futures by the most in almost eight months in the week to February 13, data showed, as prices plunged amid concerns of oversupply.

The dollar steadied against a basket of currencies on Wednesday, having pulled up from three-year lows set last week as traders shaved off some of the bearish bets against the U.S. currency.

OPEC's biggest producer, which has cut output since past year under an agreement between OPEC and other producers to ease a supply glut, pumped 9.980 million bpd of oil in December, according to the data from the Joint Organizations Data Initiative (JODI).

However, higher U.S. production seems to be trying to restrain OPEC's efforts.

USA crude stockpiles have continued to build in recent weeks, but exports have grown - leaving something of a hole at the chief U.S. oil hub at Cushing, Oklahoma. WTI gained 4 per cent this week after losing almost 10 per cent last week.

The American Petroleum Institute said last Tuesday that USA crude inventories rose by 3.9m barrels in the week to Feb 9, to 422.4m. Saudi Arabia told OPEC that it pumped 9.983 million bpd in January.

Korea offers condolences to Iranian leader over deadly plane crash
Aseman Airlines spokesman Mohammad Taghi Tabatabai said on state television that there were 59 passengers aboard of the Flight No. Aseman was forced to ground many of its planes at the height of sanctions due to difficulties in obtaining spares, Taghvaee said.

Some analysts also attributed oil's increases to a broad-based rebound in global stock markets.

OPEC and non-OPEC producers reached an agreement in December 2016 to curtail oil output jointly and ease a global glut after more than two years of low prices.

Traditionally, all eyes have been fixated on China and the pace of its oil demand and imports growth, but lately India has grabbed global attention after its oil imports rose to record highs amid strong economic growth and fuel demand. This story should be enough to underpin prices. The greenback also gained against the dollar to trade at $1.2339. It hit its highest since January 26 at $1,355.50 on Wednesday, and has gained almost 4pc since it dropped to a one-month low last week. The dollar was trading at 107.15 yen, up 0.53 percent. The yield on USA benchmark 10 year Treasury rose to a four year high of 2.9pc.

Selling pressure could resume if hedge fund investors decide to continue liquidating their previously created long positions.

Retail and institutional investment in gold-backed exchange traded funds (ETFs) continues to grow.

Last Thursday, among other precious metals, silver was up 0.2pc at $16.91 an ounce after earlier hitting a more than one-week high of $16.94. European funds, added 7.6 tonnes, while Asian funds had net redemptions equal to 1.4 tonnes during the month.

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