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By Julia Payne
LONDON, March 18 (Reuters) - Oil prices fell for a fifth day
running on Thursday on a stronger dollar, a further increase in
U.S. crude and fuel inventories and the weight of the
ever-present COVID-19 pandemic.
Brent crude fell $1.47, or 2.16%, to $66.53 a barrel
by 1341 GMT. U.S. oil was down $1.50, or 2.32%, at $63.10
after shedding 0.3% in the previous session. Both contracts are
down more than 4% over the past five days.
"Short-term developments - stuttering vaccine rollouts and
the build in U.S. oil inventories - are driving sentiment, but
the longer-term oil outlook is still encouraging," said PVM Oil
Associates analyst Tamas Varga.
"Yesterday's U.S. Federal Reserve meeting provided a boost
to equities ... U.S. economic growth has been revised upwards
while unemployment is expected to decline."
A sharp rise in the value of the dollar after the Fed
meeting has also driven the oil sell-off.
Government data on Wednesday showed U.S. crude inventories
have risen for four straight weeks after severe cold weather
forced shutdowns at refineries in the south. An industry report
estimating a decline had raised hopes of a halt to the gains.
U.S. crude inventories rose by 2.4 million barrels last
week, the U.S. Energy Information Administration (EIA) said on
Wednesday, a day after the American Petroleum Institute (API)
estimated that there had been a 1 million barrel decline.
Varga added that the market would waiting for U.S.
manufacturing data next week for further indications on the
health of the world's largest economy.
"Lower crude demand from Asian buyers as a result of
upcoming refinery maintenance and probably higher prices is also
something not helping crude at the moment," said UBS commodity
analyst Giovanni Staunovo.
A slowdown in some vaccination programmes and the prospect
of more restrictions to control the coronavirus have tempered
expectations for a recovery in fuel use.
Britain said on Thursday that global supply bumps meant its
vaccine rollout would be slower than hoped in the coming weeks
but it expects deliveries to increase from May.
A number of European countries have halted use of the
AstraZeneca shot because of concerns about possible side
effects, though the World Health Organization said that Europe
should continue to use the vaccine.
(Reporting by Julia Payne and Aaron Sheldrick
Editing by David Goodman)
