Waning risk premium, more U.S. production pushes oil prices lower

Waning risk premium, more U.S. production pushes oil prices lower

Waning risk premium, more U.S. production pushes oil prices lower

Brent crude futures were up 5 cents at $64.32 per barrel while US West Texas Intermediate crude traded at $57.32 a barrel on Monday, Reuters reported.

The arrest orders were made by a panel Saudi King Salman bin Abdulaziz Al Saud formed on Saturday, headed by Crown Prince Mohammed bin Salman.

USA light crude CLc1 was up 46 cents or 0.8% at US$57.27, just shy of this week's more than two-year high of US$57.69 a barrel.

Oil stored at Cushing, Oklahoma, the delivery point for United States stocks, increased by 720,000 barrels to 64.6 million barrels, the EIA said in its weekly report.

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Crude oil pared some of Monday's gains as an Opec report suggested that the recent rally in crude prices - as a result of the output-cut agreement - would encourage North America shale producers to ramp up output, weakening the oil cartel's efforts to rebalance the market.

On Saturday, Saudi authorities detained 11 princes, four sitting ministers and a dozen of former ministers in a massive anti-corruption sweep.

Traders said a rally that has pushed up Brent by more than 40 percent since July may have run its course.

Worldwide oil prices have been surging recently. But producers will discuss extending the deal through the end of next year when they meet in Vienna on November 30.

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US crude production C-OUT-T-EIA rose 67,000 barrels per day to 9.62 million bpd, the highest for decades, and looked set to rise further.

South Korea's oil exchange traded funds (ETFs) have posted high returns over the past month on rising worldwide crude prices, a fund evaluator said Thursday. Texas issued 997 oil and gas drilling permits last month, up almost 17 percent from a year earlier.

"It doesn't matter how bullish the fundamentals are ... when an asset goes vertical there is always room for a pullback and consolidation of recent price moves", said Greg McKenna, chief market strategist at brokerage AxiTrader.

Analysts expected a 2.7 million barrels drop in crude seen, a 2.100 million barrels decline in distillates and a 2.176 million barrels easing in gasoline inventories expected.

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