Higher crude output from the United States should limit any upside to global oil prices through the end of 2018, the USA government said on Tuesday, ahead of a meeting of major oil producers later this month to discuss extending supply cuts. USA light crude oil was up 68 cents at $48.01.
"Soothing words from Saudi Arabia about extending the production cut deal, possibly into 2018, supported prices", said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.
Iraq and Algeria said Thursday, May 11, 2017, that they support the extension of oil production cuts by OPEC and non-OPEC producers through the end of the year to try to boost prices.
U.S. West Texas Intermediate futures rocketed back above $47 a barrel and global benchmark Brent topped $50 after the Energy Information Administration reported a much larger drop in the nation's crude stockpiles and a strong rebound in gasoline demand.
The EIA raised its USA oil production forecast to an average of 9.3 million barrels per a day (bpd) in 2017 and 10 million bpd in 2018 while it lowered its projection for average oil prices in 2017 to $52.60 a barrel for Brent and $50.68 for WTI.
Prices surged after that deal, but have come under pressure in recent weeks as USA production has climbed, undermining OPEC-led efforts to balance supply with demand. USA light crude was up 35 cents at US$46.57 a barrel, up from an intraday low of US$45.83.
Brent crude was down 8 cents at $49.02 a barrel at 1:45 p.m. EDT (1745 GMT).
Oil cartel OPEC are due to meet later this month, which could see an agreement to sustain oil cuts to help raise falling prices. Additionally, investors were also demonstrating a lack of confidence in OPEC's ability to rebalance the market through planned production cuts.
Rising pump prices have followed on higher prices for crude oil.
A third Asian refiner is getting contracted volumes for June, steady from the previous month, a separate industry source said.
Crude oil production estimates call for an average of 9.3 million barrels a day in 2017, up from 9.2 million barrels in last month's forecast.
Russian Federation said yesterday it was discussing prolonging cuts with other producers beyond 2017, without giving a clear timeline.
He explained further that recent price falls had been caused by the low demand season and refinery maintenance, as well as by non-OPEC production growth, especially in the United States.
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