28 June, 2017
Brent crude futures LCOc1 grew 64 cents to $46.47 a barrel, while US West Texas Intermediate (WTI) crude futures CLc1 rose 56 cents at $43.94, reported Reuters.
(Lundberg) "If crude oil prices do not bounce right back up in the very near future, then we should see a few more cents decline by July 4th".
Investors in U.S. crude futures and options, however, increased their bets against any future further rise in prices, as the number of USA oil rigs in operation hit its highest in over three years.
The petroleum complex has climbed on expectations that USA commercial crude inventories may have declined by two or three million barrels in the week ended Friday, Evans added.
"Any outside interference with a free market is often the wrong thing to do and in the oil market we are seeing that despite the OPEC production cuts, there remains a glut of new supply and growth is disappointing". OPEC states and 11 other exporters agreed in May to extend cuts of 1.8 million barrels per day (bpd) until March.
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The glut continues due to rising production in Libya and Nigeria-both OPEC nations exempt from the deal-as well as high output from American shale producers and Saudi Arabia's failed policy of cutting exports to force the US and major Asian nations to tap into existing inventories. Iran was allowed a small increase to recover market share lost under Western sanctions. Brent crude oil (BNO) active futures also fell 10.5% over the same period. Inventories probably dropped by 2.25 million barrels last week, a Bloomberg survey shows before an Energy Information Administration report Wednesday.
Libya's oil production stands at about 935,000 barrels per day (bpd) this week after touching as high as 950,000 bpd last week, Libyan oil sources said.
Overall, WTI moved to the $44.00 p/b area at the USA open as Brent traded around $46.75.
Analysts at Bank of America-Merrill Lynch said demand was not growing quickly enough to absorb output, especially since imports in Asia are stuttering. "The upside potential for US output could be limited because of the lower price".