Oil prices waver narrowly ahead of United States inventory data

Oil prices waver narrowly ahead of United States inventory data”

According to Hansen, the increase in production in Libya and Nigeria, as well as among U.S. companies developing shale deposits, had a negative impact on oil prices in 1H17.

US crude stocks fell last week, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday.

The pact between OPEC, which is led de facto by Saudi Arabia, and other producers led by Russian Federation on cutting output by about 1.8 million bpd took effect in January this year.

Late Tuesday, the American Petroleum Institute published data showing crude oil inventories dropped about 4.1 million barrels and gasoline inventories grew by 4.2 million barrels.

Last week, Brent traded as high as $59.49, which has now dropped by almost 6%.

Last week, OPEC members broke from tradition by complaining that crude prices likely wouldn't rise due to persistent overproduction, with one source declaring that "a range of $50-$55 is good, you don't want to see prices rising to $60 or higher because ten it will bring in more [U.S.] shale".

Oil is priced in dollars and a stronger dollar makes oil more expensive for those holding other currencies.

Hedge funds have accumulated a record bullish position in middle distillates such as diesel, heating oil and gasoil, anticipating stocks will be relatively tight this winter.

"When we had the hurricane disruptions, that translated into strong margins and disruptions to USA crude exports". As a result, oil prices have soared.

"WTI crude oil has stabilized just above $50.00 and appears to be having an inside day following a plunge down from $51.50 toward $49.70 support on Monday". And only two said that $65 a barrel was a buying opportunity.

"Compliance with the OPEC production cuts was over 100 percent in August (meaning members produced less than their quotas, on average) and USA oil inventories have been declining for several months now", said William O'Loughlin, investment analyst at Australia's Rivkin Securities. The need for sustained production curbs is a sign the bulls are on fragile ground.

Working alone, Texas put out more oil previous year than nine members of the Organization of the Petroleum Exporting Countries (OPEC), a cartel of petroleum-producing countries now working together to control the supply and demand of oil globally.

The ADNOC will also reduce its output of pure-grade Murban oil by 15 percent, as well as lowering output of Das crude by 10 percent, and Upper Zakum by 5 percent, reports say.

Story by Javier Blas, Serene Cheong, and Sharon Cho; With assistance by Heesu Lee, Tsuyoshi Inajima, Dan Murtaugh, Alfred Cang, and Ann Koh from Blomberg.

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