Oil prices log lowest settlement in nearly 3 weeks

Oil prices log lowest settlement in nearly 3 weeks

Oil prices log lowest settlement in nearly 3 weeks

The American Petroleum Institute was said to report USA crude stockpiles slid 1.05 million barrels last week, with storage also shrinking at tanks in the key hub of Cushing, Oklahoma.

"The report was squarely bearish with the across-the-board inventory rise". High OPEC compliance and falling Venezuelan production more or less offset surging output from USA shale and an uptick in inventories in the meantime.

A report by the EIA forecast crude oil production in the U.S.to average 10.6 million bpd in 2018 and output is projected to average 11.2 million bpd in 2019, a number that would surpass Russian Federation - the world's biggest crude oil producer.

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Week over week, USA crude oil exports fell by 478,000 barrels a day last week, and US production increased by a whopping 332,000 barrels a day to 10.25 million barrels a day. American crude in storage tanks and terminals increased by 1.9 million barrels last week as refiners shut or limited operations to conduct seasonal maintenance.

Crude dropped below $60 a barrel for the first time this year as the worst collapse in equities in years compounded concern that unprecedented supply growth from United States oil fields will overwhelm demand. Analysts polled by S&P Global Platts expected a 2.8 million-barrel increase. Diesel futures fell 3.81 cents, or 1.21%, to $60.41 a barrel. "The U.S. government forecasts that the nation's production will climb to 11 million barrels a day by late 2019 - a level that would rival Russian Federation, the world's top producer".

Iran has indicated it intends to increase oil production in the next four years, but the country's oil minister, Bijan Namdar Zanganeh told reporters this week that his country could quickly add 100,000 barrels a day extra if OPEC and non-OPEC conclude the production cut agreement.

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In New York, oil has tumbled 7.4% so far this month. Also, oil is inversely correlated with the dollar, which has strengthened as equities markets slid.

"As a member of OPEC and a large crude producer, I would imagine they would be very self-sufficient in their own crude supply", Lipow offered, according to Bloomberg. The market is 11 days down from the $66.66 main top and five days down from the $66.30 main top. Oil has shed 4.5 percent, while cryptocurrency bitcoin has lost half its value. The market share of Middle Eastern producers in China fell even more - to 43.4 percent from 48 percent.

David Madden, market analyst at CMC Markets, said traders were concerned about over-supply in the market. However, forecasted increase in US crude inventories over the next few weeks and months may change sentiments drastically.

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The downturn in the oil market is also coming amid a selloff in the equity markets, as investors there fret about the potential for higher inflation and central bank action.

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