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Empresas y finanzas

Oil prices around $60 as demand balances glut


    By Libby George

    LONDON (Reuters) - Crude oil prices steadied on Thursday as strong demand for oil products helped to balance a global overhang of crude oil for immediate delivery.

    North Sea Brent crude oil traded within a fairly narrow range as investors eyed a weak physical crude market in the Atlantic basin amid reports of stronger demand for gasoline and diesel in the United States and Europe.

    Official prices for Nigerian crude have hit their lowest in at least a decade with as much as 10 million barrels of unsold light, sweet crude oil capping Atlantic basin prices.

    But demand for oil products is fairly strong. U.S. gasoline demand in the week to June 19 hit the highest seasonal level since 1991, according to the U.S. Energy Information Administration (EIA).

    Brent for August was flat at $63.49 a barrel by 8.50 a.m. EDT, after ending the previous day down 96 cents, or 1.5 percent. U.S. crude for August was down 25 cents at $60.02 a barrel, after finishing Wednesday down 74 cents.

    "Reports of unsold physical cargoes in the North Sea combined with a Brent crude oil contango that shows no signs of tightening are a warning that the market is currently not tightening up into the high demand season as one should expect," said Bjarne Schieldrop, analyst at SEB Markets in Oslo.

    An EIA report on Wednesday said U.S. gasoline stocks climbed 680,000 barrels to 218.49 million in the week to June 19. A Reuters poll had indicated a 304,000-barrel drop.

    Analysts said a June 30 deadline for negotiations between Iran and world powers that could lift sanctions against the oil-producing nation were forcing oil investors to take a cautious approach, adding to the lack of price direction.

    Wood Mackenzie estimated that Iran could add 600,000 barrels per day (bpd) of crude to global markets by the end of 2017, while Capital Economics said it could increase its exports by as much as 1 million bpd post sanctions.

    "Even if it does take Iran a year or more to return output and exports to pre-sanctions levels, the anticipation of this additional supply should still affect prices now," Capital Economics said, adding "the prospect of another 1 million bpd increase in supply from Iran...could easily drag prices below $60 again."

    (Additional reporting by Keith Wallis in Singapore; Editing by Christopher Johnson)