Oil under renewed pressure from global oversupply concerns
2018-06-13 10:31:51 GMT (Economies.com)
Oil under renewed pressure from global oversupply concerns

Oil prices fell in European trade on Wednesday for the second session on renewed fears about global oversupplies, after production rose in both Russia and Saudi Arabia, while US output hit fresh record highs. 

 

As of 07:05 GMT, US crude fell to $65.85 a barrel from the opening of $66.00, while Brent declined to $75.33 a barrel from the opening of $75.37. 

 

Output Increases Across The Board 

 

US crude lost 0.1% yesterday on profit-taking away from two-week highs at $66.68, while Brent shed 1.2%. 

 

Russian output rose to 11.1 million bpd in June from 11 million bpd in May according to Interfax reporting. 

 

Saudi Arabian crude output rose past the 10 million bpd mark again after stabilizing recently around 9.9 million bpd.

 

US production jumped in the week ending June 1 to 10.80 million bpd, a new record high. 

 

US production is up 28% from mid-2016 levels, passing Saudi Arabia's 9.9 million bpd, and nearing Russia's 11.1 million bpd. 

 

In initial data, the American Petroleum Institute reported a buildup of 0.85 million barrels in US commercial crude stocks last week, as analysts expected a 2.7 million drawdown. 

 

Now traders await the official report from the Energy Information Administration later today, expected to show a 1.4 million drawdown. 

 
 
 
  Symbol Last Change Chg.%
1.1379
0.0000
0.0013%
1.2715
-0.0030
0.2389%
14.751
-0.559
3.655%
65.390
-2.400
3.540%
71.49
0.37
0.52%
1179.595
-31.705
2.617%
 
 
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