Wednesday, 20 June, 2018

Oil prices fall further as soaring United States production comes back into focus

Traders work on the floor at the New York Stock Exchange in Manhattan New York Oil prices fall further as soaring United States production comes back into focus
Laurie Berry | 13 March, 2018, 11:36

Oil prices settled with a loss on Monday (http://www.marketwatch.com/story/oil-prices-pull-back-from-strong-finish-last-week-as-market-renews-us-supply-watch-2018-03-12), giving back part of the sharp gains seen in the previous session as recent data showed a rise in weekly USA output, as well as expectations for a further increase in domestic production next month.

US West Texas Intermediate (WTI) crude futures were at $61.25 a barrel at 4.14am GMT, down 11c or 0.2% from their previous close.

In oil markets, USA energy companies last week cut oil rigs for the first time in nearly two months, with drillers cutting back four rigs, to 796, Baker Hughes energy services firm said on Friday.

Video appears to show Iowa Senate leader kissing lobbyist at bar
Witver's statement continued by saying Senate Republicans to move their policies forward. Iowa Senate Majority Leader Bill Dix: a history of sexual misconduct strife ....

That has undercut some of the enthusiasm for oil, as investors weigh increased U.S. supply against the likelihood that the Organization of the Petroleum Exporting Countries and non-Opec producers will maintain supply cuts that have been in effect for more than a year.

Oil markets gained yesterday on the back of a drop in the number of U.S. rigs drilling for more production and as the USA economy continued to create jobs, which industry hopes will drive higher fuel demand. The news is not likely to change the outlook for rising US production which is now up to 10.37 million barrels per day (bpd).

"We are maintaining a bearish trading stance in anticipation of a range in nearby WTI between about US$58 and US$63, Jim Ritterbusch, president of Ritterbusch and Associates, said in a note". Crude oil prices could weaken if the dollar rallies and stocks weaken. Prices could trade sideways if the dollar strengthens along with stocks. The most bullish scenario will be a weaker U.S. Dollar and higher equity prices.

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