Oil resumes falls as Kuwait oil workers end strike

AFP, LONDON:  Oil prices resumed falls yesterday after petroleum workers called off a strike in key OPEC producer Kuwait, quashing hopes the disruption could help ease a persistent supply glut.
Around 1100 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May was down 91 cents at $40.17 a barrel.
Brent North Sea crude for June delivery fell 70 cents to $43.32 a barrel compared with Tuesday’s close.
Prices “are coming under pressure again... after oil workers in Kuwait agreed to end their strike against wage and job cuts and work to return output to pre-strike levels”, said analyst Craig Erlam at trading firm Oanda.
“Despite an initial sell-off on Monday, the strike in Kuwait... had managed to more than offset the disappointment at the lack of a deal in Doha over the weekend that would have seen a number of major oil producers freeze output.”
The market had ended a four-day losing streak on Tuesday, surging also on the back of the weak dollar.
“Yesterday’s surge in oil prices was ultimately down to a weaker dollar and misplaced hopes that the Kuwaiti strike might continue and thus put a dent in the present supply glut,” said analyst London Capital Group analyst Brenda Kelly.

Oil resumes falls as Kuwait oil workers end strike

AFP, LONDON: Oil prices resumed falls yesterday after petroleum workers called off a strike in key OPEC producer Kuwait, quashing hopes the disruption could help ease a persistent supply glut. Around 1100 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May was down 91 cents at $40.17 a barrel. Brent North Sea crude for June delivery fell 70 cents to $43.32 a barrel compared with Tuesdays close. Prices are coming under pressure again... after oil workers in Kuwait agreed to end their strike against wage and job cuts and work to return output to pre-strike levels, said analyst Craig Erlam at trading firm Oanda. Despite an initial sell-off on Monday, the strike in Kuwait... had managed to more than offset the disappointment at the lack of a deal in Doha over the weekend that would have seen a number of major oil producers freeze output. The market had ended a four-day losing streak on Tuesday, surging also on the back of the weak dollar. Yesterdays surge in oil prices was ultimately down to a weaker dollar and misplaced hopes that the Kuwaiti strike might continue and thus put a dent in the present supply glut, said analyst London Capital Group analyst Brenda Kelly.