Economy

USA oil production rose to 10.4 million bpd in June

USA oil production rose to 10.4 million bpd in June”

Brent crude futures were up 33 cents at $45.91 a barrel as of 0034 GMT, extending gains into a third day.

Crude oil futures rose on Wednesday after a more-than-expected draw in US crude stockpiles and as solid USA factory data raised optimism of a post-pandemic economic recovery, boosting risk appetite among investors.

U.S. West Texas Intermediate rose 11 cents, or 0.3 per cent to $42.87.

US crude stocks fell by 6.4 million barrels, the American Petroleum Institute (API) said, more than forecast.

Activity in the stock market on Monday also threw into question the notion that economic recovery is in a slump, with the three main indexes showing their fifth straight monthly rise following March lows and said to be driven partly by positive ongoing vaccine and treatment developments.

In a Reuters poll of 43 analysts and economists, global oil demand was seen contracting by between 8-10 million barrels per day (bpd) versus July's 7.2-8.5 million bpd consensus.

U.S. manufacturing activity accelerated to a more than 1-1/2-year high in August amid a surge in new orders, but employment continued to lag, supporting views that the labor market recovery was losing momentum.

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"Also, slower-than-expected resumption of oil output in the United States after Hurricane Laura raised concerns over tighter supply", Kazuhiko Saito, chief analyst at Fujitomi Co, said.

US manufacturing activity accelerated to a more than 1-1/2-year high in August amid a surge in new orders, lending support to Wall Street and oil markets.

Oil markets largely shrugged off the hurricane's impact on Friday as energy companies continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut before the storm.

USA oil production rose in June, but did not fully recover from a dramatic plunge in May, according to a government report on Monday, according to Reuters.

A record supply cut by the Organisation of the Petroleum Exporting Countries and allies, a grouping known as OPEC+, has helped support prices.

The producers have begun to return some crude to the market as demand partially recovers and OPEC in August raised output by about one million barrels per day (bpd), a Reuters' survey found on Tuesday.

To the extent that China's "manufacturing-intensive economy is making a comeback, which it clearly is in these numbers, that's going to mean more crude oil demand, more refined product demand", said John Kilduff, a partner at Again Capital LLC.



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