Monday, 23 October, 2017

Oil prices slide almost 1 pct on persistent glut concerns

Oil prices slide almost 1 pct on persistent glut concerns Oil prices slide almost 1 pct on persistent glut concerns
Laurie Berry | 13 June, 2017, 04:19

Oil prices have recovered after slipping to a three-week low in the previous session amid reports of a fall in United States crude stocks.

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures continued to slide early Friday as investors reacted to U.S. President Trump's decision to withdraw from a global climate pact.

Despite the hike in refining, gasoline stocks fell 2.9 million barrels, more than double expectations for a 1.1 million-barrel drop.

USA crude output rose by 22,000 barrels a day to 9.34 million, according to a report Thursday from the EIA.

"A decrease in production under an agreement between OPEC and non-OPEC could largely be balanced out by an increase in US shale oil production by the middle of 2018", Rosneft Oil Co.

The global oil market reacted Wednesday to the news that Libya, one of the major oil producers in the Organization of Petroleum Exporting Countries (OPEC), was increasing its crude output to 827,000 barrels per day.

Another understanding was that there would be a very sharp correction in supply-demand fundamentals if oil price declines below $60 per barrel and price would begin a decisive recovery.

Apple has begun production of its Siri speaker, should release this year
Monday is expected to mostly be about iOS 11 and upgrades to Apple hardware, but there is, in fact, some new hardware on the way. Apple's unnamed smart speaker could become official at the annual WWDC developers conference, which will kick off on June 5th.

Part of the problem for OPEC is oil supply in the United States, where shale production is booming.

The general trend among US producers points to a need to boost growth forecasts amid anticipated production acceleration the second half of this year, said consultancy Energy Aspects.

"Much of the low-hanging fruit of compliance has been done and so by reducing production, especially during the high demand summer months, we would need to see a more meaningful reduction in exports in the second half the year in order to be more constructive on prices".

Some commodity markets were also absorbing news that President Donald Trump said he would withdraw the United States from the landmark 2015 global agreement to fight climate change, a move that fulfilled a major campaign pledge but drew condemnation from US allies and business leaders.

OPEC and non-OPEC members last week agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November previous year.

Rising output from Nigeria and Libya is further undercutting the oil producers' attempt to limit oil production.

Political issues ranging from a tightening race in the British general election to a pending decision from the USA president to pull out of the Paris climate deal added to the market jitters built up around swelling crude oil supplies from OPEC member Libya, which is exempt from a multilateral effort to balance the market with production declines, and helped weigh on crude oil prices in the Wednesday session.

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