Finance

Oil rebounds from 2017 low, but registers 4th weekly loss

Oil rebounds from 2017 low, but registers 4th weekly loss

That is just above the price seen in November, when OPEC and 10 other oil-producing countries agreed to cut their production to combat a growing supply glut and push the market up.

The increased supply has been met with a "disappointing of late" demand for oil within the U.S. This, combined with the hostile political climate in North Africa and West Asia has threatened exports, causing the supply glut. Oil fell to as low as $26 per barrel, making it increasingly hard for OPEC to help push the prices. Meanwhile, US benchmark WTI crude fell to $42.36, its lowest since last August.

Lawler added that Russian oil minister Novak's rubbishing of an emergency Opec/non-Opec meeting did not help the pricing, either.

E&P reports in its article Oil Prices Flat; Set For Worst First Half Since 1997 that August Brent crude futures were flat at $46.02 a barrel (bbl) by 6:07 a.m. CT (11:07 GMT), having fallen earlier to seven-month lows.

Crude oil stockpiles fell by 2.5 million barrels to 509.1 million barrels in the week ended June 16, according to the EIA.

"Now we're in the process of the market playing chicken with OPEC and non-OPEC", said John Kilduff, founding partner at energy hedge fund Again Capital.

Rain delays West Indies v India third ODI
Their first two ODIs were played on Friday, June 23 and on Sunday, June 25 at the Queen's Park Oval, Port of Spain. India are touring West Indies for a five-match ODI series and a T20I.

The American Petroleum Institute said on Tuesday that USA crude stockpiles had dropped more than forecast.

Cushing inventories recorded a further draw of 1.08 million barrels on the week to 61.1 million.

In May, OPEC and other oil producers extended cuts into March next year in a further effort to increase prices, but the price of Brent crude continued to head downwards.

USA oil output recently reached 9.33 million bpd, up 10 percent from 8.47 million bpd last October, according to Energy Information Administration (EIA) data. US stocks closed mostly lower on Wednesday despite the unexpected rise in home resales.

Libya's oil production rose more than 50,000 barrels per day to 885,000 bpd, a Libyan source told Reuters.

Another shock was the surprise jump in Opec's own production by 336k barrels a day to 32.14mbpd in May as per Opec OMR June release, despite production cut agreements, as Libya, Iraq and Nigeria ramped up output, raising questions over the bloc's own compliance with the cuts. Then came 2017, when OPEC and a few other oil producing nations decided to make production cuts and increase oil prices.


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