Energy shares lead Asian stock losses as oil falls under $45

Oil prices have plunged 14% in 3 weeks

Oil prices have plunged 14% in 3 weeks

It is set to be the fourth weekly fall on the trot for the greenback which is now at its lowest since November. The price recovered somewhat over the course of 2016 to just under $57 by the end of the year.

NAN reports that on December 10, 2016, OPEC won the backing of countries outside the oil cartel to join supply cuts for the first time since 2001, overcoming the final major obstacle for a global agreement to curb output. However, it was always an open question as to how well the decision would hold up.

But analysts say non-Opec members may struggle to extend production cuts.

While the cartel's kingpin Saudi Arabia is disappointed prices are below the target, OPEC regards the agreement as positive for the market and wants to extend it.

For the week ended April 26, the EIA said that crude oil inventories fell by 0.930 million, which was far less than expectations of a draw of 2.333 million barrels. The two ETFs will gain exposure to the benchmark by investing in listed futures contracts for West Texas Intermediate sweet, light crude oil futures contracts.

From Exxon Mobil Corp.to Total SA, the world's largest listed oil companies have sent a message to skeptical investors and rivals at OPEC: we can get by in a world of $50 a barrel crude.

Traders are looking forward to an industry report on USA crude oil and fuel stockpiles at 4:30 p.m. EDT, to be followed by government data Wednesday at 10:30 a.m. EDT.

"We expect that OPEC will agree to cut oil production again in two weeks' time and oil prices will move back above Dollars 50/barrel", added Nordea Bank.

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"Many may view the sub-$50 on Brent as a buying opportunity".

Prior to the landmark deal, the volume of production in the country was at the level of 37.72 million tons of oil, while daily output stood at 829,100 barrels.

"What we've seen in terms of the rebound today is really just a bit of a correction following an oversold market over the past several days", Michael Tran, a commodities strategist at RBC Capital Markets in NY, said by telephone.

"While the cartel is expected to extend a self-imposed production cap by another six months, it will be a challenge to convince several non-OPEC members to follow suit", said Abhishek Kumar, Senior Energy Analyst at Interfax Energy's Global Gas Analytics, "Persistent growth in United States oil production. will also make extensions of the OPEC cap beyond 2017 unlikely".

OPEC is scheduled to meet on May 25 at its headquarters in Vienna, Austria, to decide whether to extend the cuts.

At 527.8 million barrels, the inventory levels are still 3% higher compared to the same time past year. Prices dropped $2.41 to $48.38 on Thursday.

The explosion in USA shale oil output over the past decade has reshaped the global energy landscape, vaulting America into the upper ranks of worldwide producers.

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