Marcha 20, 2018

Oil hits six-week low as Opec fails to curb oversupply

18 Junio 2017, 06:57 | Dolorita Barahona

US West Texas Intermediate (WTI) crude futures were down 8 cents, or 0.2 per cent, at $44.38 per barrel. OPEC's own compliance with the cuts has been questioned, and the producer group said in a report this week that its output rose by 336,000 bpd in May to 32.14 million bpd.

Petroleum prices extended losses on Wednesday after USA government data showed a smaller-than-expected drop in stockpiles of US crude as refineries hiked output.

The weakness on the supply side was driven by non-OPEC production which fell by 0.8 Mb/d, its largest decline for nearly 25 years, said the report.

The EIA reports that the price of oil over the course of quarter three may lead to possible increases in price over the next few months of this year.

Oil inventories have remained high several months into a deal by OPEC producers with non-member nations to reduce supply by 1.8 million bpd.

"We need to see a sign that the OPEC cuts are having an impact on world oil supplies and it's clearly not, at least not yet", said Tamar Essner, lead energy analyst at Nasdaq.

Gasoline stocks rose 2.1 million barrels, or 0.9 percent, to 242.4 million barrels, for the week ending June 9, Energy Information Administration (EIA) data showed.

The EIA released its monthly report on drilling activity Monday showing that oil production from seven major US shale plays is projected to rise by 127,000 barrels a day to 5.475 million barrels a day in July from June.

The IEA said yesterday it expected growth in non-Opec supply to be higher next year than growth in overall global demand.

Light, sweet crude for July delivery slid US$1.73, or 3.7 percent, to US$44.73 a barrel on the New York Mercantile Exchange, snapping a three-session winning streak and closing at the lowest level since November 14. Both benchmarks notched a weekly loss exceeding 1.6 percent.

Libyan output will reach 900,000 barrels a day within days, National Oil Co. said on its website, citing Chairman Mustafa Sanalla.

Rising non-Opec output has dented Opec and its allies' global pact to reduce oversupply in the market, which has pressured prices for almost three years.

Shale oil production is expected to continue growing in the U.S. The number of operating rigs there has increased for 21 straight weeks, according to oil field services company Baker Hughes.

Otras noticias

Tendencias Ahora

Forget group win over Pakistan, Kohli warns before final
The trio of Shikhar Dhawan , Rohit Sharma , and Virat Kohli have combined for 81.4 percent of all India's runs in the competition. He will follow a dynasty that in the past 25 years was pioneered by Sachin Tendulkar and inherited by MS Dhoni .

Rep. Steve Scalise remains in critical condition, doctor says
The FBI said that the shooter's weapons found at the scene - a 9mm handgun and 7.62mm caliber rifle - had been legally purchased. Hodgkinson, 66, of Belleville, was shot dead by Capitol Police after he opened fire on congressmen Wednesday in Alexandria, Va.

Trump Could Force Out Rosenstein, Fail to Stop Russia Probe
As Mueller assembles his investigative team, statements by Trump's friend Christopher Ruddy this week set off new questions. Trump also "seemed to accuse" Rosenstein of leading the "witch hunt", surmised CNN , the "Crooked News Network".

Fowler back in the thick of it at US Open
He said: "I showed up for the last six holes, anyway". "I really haven't been hitting the ball well as of late", Matsuyama said. Casey birdied five holes in a row after the rough stretch and was the first player in the clubhouse at 7-under.

Champions Trophy: Team India gear up ahead of grand final against Pakistan
As the pressure rose, the skipper, Sarfraz Ahmed, played an inspirational innings to put his team through to the semi-final stage. What makes this clash ever more mouth-watering is the old foes are clashing in a final of a major trophy after almost a decade.

Escaped Georgia inmates captured thanks to the aid of armed citizens
A photo of the two suspects after their capture was quickly shared by law enforcement and news agencies across the country. After calling in other officers, officers pursued the vehicle on Interstate 24, reaching speeds of 100 miles per hour .

Senate rule places GOP health bill on fast track
Senate GOP leaders say that the time has come to make decisions on the healthcare bill, but they are not setting a firm timeline. Hatch, after conferring with an aide, did not commit to a hearing but said Democrats were welcome to give ideas on the bill .

GE's stock is jumping on news CEO Jeff Immelt is retiring
GE said Immelt's departure was not triggered by outside influences and was the culmination of six years of succession planning. GE also said it would seek to link bonuses for senior managers to achieving those cost-cutting and profitability goals.

McIlroy, Day to miss US Open cut
Fowler, who shared the 36-hole lead at the Masters in April, never came seriously close to bogey because he was never in trouble. Five hundred yards from the tenth hole, it's a part of Erin Hills many visitors don't get a chance to see: the maintenance area.

Wonder Woman shoots to top of United Kingdom and U.S. box office
Though it's a point to note that most male superhero costumes have them covered from head to toe but Wonder Woman must show skin. Wonder Woman is anchored by its heart, hope and sincerity , yet it also boasts some truly great action scenes .