SINGAPORE - Oil prices slipped towards $59 at their lowest level this year on Wednesday, after heavy losses a day earlier as dealers anticipated a big jump in already healthy U.S. oil inventories.
U.S. March crude oil futures edged 16 cents down to $59.41 a barrel by 0238 GMT, after touching a low of $59.31. The market had tumbled $1.67 on Tuesday. London April Brent crude was 5 cents down at $59.47 a barrel.
U.S. prices have lost more than 12 percent since the end of January and analysts said that the spotlight had now swung away from supply disruption risks and back to fundamentals, particularly with robust stock levels seen in the United States.
"The market is expecting another significant jump in U.S. stocks later today, and this focus has pushed geopolitical uncertainties off to the side, for now at least," said David Thurtell, commodities strategist at the Commonwealth Bank of Australia.
U.S. crude oil supplies were seen rising 1.2 million barrels last week on high imports while refiners maintained their run rates, a Reuters survey of analysts showed ahead of U.S government data due at 1530 GMT on Wednesday.
Gasoline inventories were expected to climb 1.6 million barrels on higher imports, making up for some loss of production due to seasonal refinery maintenance.
Total U.S. inventories of crude and fuels are already running about 6 percent higher than a year ago, government data shows, giving the world's top consumer a supply cushion against output disruptions.
Analysts said planned refinery shutdowns could still take the shine off the healthier stock levels.
"A few more refineries going on scheduled maintenance and a tapering off on imports will bring stock levels back to that seen about a year ago," Thurtell said.
In China, the world's second largest oil consumer, crude imports surged in January, up 69 percent from a year earlier to a record monthly high, customs data showed on Wednesday.
The huge growth was partly due to a low base the previous year, but traders are watching for any rebound this year in Chinese demand, after sluggish growth in 2005 followed a demand surge in 2004 that helped drive oil's rally.
Tension between the West and Iran over its nuclear programme also remained a potentially bullish market factor.
Officials close to the International Atomic Energy Agency
(IAEA) said that the agency's inspectors had witnessed Iranian scientists putting uranium hexafluoride gas into a small number of centrifuges -- machines that convert uranium into fuel for nuclear reactors or, if enriched to high levels, warheads.
"All eyes are still waiting to see what happens with Iran, and what the outcome will be when the IAEA makes its report to the U.N. Security Council next month," Thurtell said.
The West fears that any sanctions against the fourth-largest oil exporter could see Tehran enforce an embargo on crude oil exports, putting a choke on supply flows.
PIN/REUTERS
کد خبر 79567