Oil at five-week low as supply worries compound trade war threat
Oil at five-week low as supply worries compound trade war threat
Oil prices decline amid rising output
06 August, 2018, 00:55
The price for Brent crudeoil, the global benchmark for the price of oil, was down 1.75 per cent as of 9:20 a.m. EDT to $72.91 per barrel.
Crude oil futures for September ended down $1.10, or 1.6%, at $67.66 a barrel on the New York Mercantile Exchange.
Prices had tumbled to a six-week.
The market's expectation was 2.8 million barrels of crude oil draw.
On Tuesday, the EIA reported that US crude production fell 30,000 barrels per day to 10.44 million bpd in May.
The cartel and its allies - known as OPEC+ - decided in June to increase production in response to consumers' concerns over rising prices and supply disruptions, so traders and investors have been watching Russia's oil data closely.
Data released by ClipperData on Wednesday showed July's USA oil deliveries to China fell to roughly 280,000 barrels per day (Bpd), compared to around 480,000 Bpd in June.
U.S. crude inventories rose 3.8 million barrels last week as imports jumped, the government's Energy Information Administration said.
Hedge funds and other money managers cut their bullish USA crude bets in the latest week, as oil prices were range-bound, pinned between concerns about tight supply due to sanctions and fears that trade disputes could curb demand.
WTI is heading for a roughly flat week after four weekly falls, while Brent is on track to post a fourth week of declines in five, set for a drop of 1.4%.
According to two officials, the US hasn't been able to persuade China to reduce Iranian oil purchases, but Beijing has reportedly agreed not to increase its oil imports from Iran, Bloomberg reports. Crude stockpiles at the Cushing, Oklahoma storage hub are at a almost 4-year low, and are expected to fall further in the coming week.
Crude oil prices turned sharply lower ahead of the start of trading on Wednesday in NY after a surprise build in crude oil inventories in the United States.
Russian oil production last month was on average above the level Moscow promised following the Organization of the Petroleum Exporting Countries and non-Opec meeting in June, energy minister Alexander Novak indicated on Wednesday.
It was gathered that the Arabic nation's production increased by 230,000 barrels daily in July to 10.65 million barrels per day.
US crude oil imports averaged 7.75 million barrels per day last week, maintaining the levels of the previous week.
Total volume traded yesterday was about 28 per cent below the 100-day average.
Whiting Petroleum Corp. gave up some of this year's stellar gains after reporting lower-than-estimated crude production for the second quarter.
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