July 26, 2017, 2:49 am
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Oil companies roll back prices

After two consecutive weeks of price hikes, local oil firms have implemented a rollback in the cost of petroleum products due to high fuel inventories and the improving industry efficiency.

 Phoenix Petroleum and PTT lowered the price of gasoline by P0.20 per liter and dieselby P0.60 per liter.

 Shell, Petron and Seaoil also adjusted prices downward by P0.20 per liter for gasoline, P0.60 per liter for diesel and P0.50 per liter for kerosene.

 The Department of Energy’s latest oil monitor pegged the current average price of diesel at P31.40 per liter and gasoline at P43.20 per liter.

 Reports from Reuters said as of last Thursday, Brent crude futures settled at $48.34 a barrel while US West Texas Intermediate crude futures were at $45.98 per barrel.

 The report also cited oil analysts at research and brokerage firm Sanford C. Bernstein as saying global oil stocks remain high.

 “For the first half of 2017, OECD inventories are likely to finish higher, rather than lower... The most plausible explanation is that OPEC (Organization of the Petroleum Exporting Countries) compliance has been not as high as has been suggested. OPEC will have to cut deeper and for longer if it wants to eliminate the inventory overhang and prices to rise,” Bernstein said.

 It added that the upside for oil prices looked limited even if OPEC took more action due to high US shale production.

 Meanwhile, Goldman Sachs said the crude oil price outlook remained weak, largely due to rising cost efficiency from US shale drillers.

 Last May, OPEC and other producers pledged to continue output cuts of 1.8 million barrels per day for another nine months, through the first quarter of 2018, to reduce a global crude glut.
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