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MCX Crude Oil Call: OPEC Refused To Cut Oil Production

U.S. crude settled at a more than six-year low on Tuesday after China’s currency devaluation raised questions about oil demand in the No. 2 consumer and a new OPEC estimate showed non-member producers are likely to keep output high despite low prices. A BP refinery outage in Whiting, Indiana, that could last at least a month, idling some 240,000 barrels per day of crude distillation, also weighed on oil prices, traders said. The market continued to weaken in post-settlement trade after the American Petroleum Institute (API), an industry group, reported a smaller-than-expected drawdown in U.S. crude inventories last week. China devalued its yuan currency by nearly 2 percent after a run of poor economic data, guiding the currency to a near three-year low. The Organization of the Petroleum Exporting Countries projected that crude supplies from countries outside the group will rise by 90,000 bpd this year, a sign that crude’s price collapse was taking longer than expected to hit U.S. shale drillers and other competing sources.

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