Arab oil ministers stress need for continued OPEC, non-OPEC cooperation
Arab oil ministers stress need for continued OPEC, non-OPEC cooperation
Iran's weekly light crude price surpasses $77
04 June, 2018, 09:02
Russia, one of the world's largest crude producers, and the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut their combined output by 1.8 million bpd in order to smooth out bloated oil inventories and prop up prices.
The president's comments led the dollar.DXY to strengthen and dollar-denominated commodities to sell off, saidJohn Kilduff, a partner at Again Capital Management.
NEW YORK, June 2 ― Oil prices retreated yesterday after the dollar rose on better-than-expected USA employment data, which pressured greenback-denominated commodities, including crude.
After the report, US crude futures were down 57 cents to $67.62 a barrel as of 11:22 a.m. EDT (1522 GMT), while Brent crude August futures gained 61 cents to $78.33.
The discount in the futures markets of the main USA light crude grade, West Texas Intermediate (WTI), to the global benchmark Brent crude stood at $11.09 a barrel on June 1, the widest in more than three years.
Brent crude dropped from $80 per barrel on Wednesday last week to $75 on Monday when Opec revealed its intention to increase supply to the market, plugging the gap left by missing Iranian oil and declining production in Venezuela.
Global benchmark Brent LCOc1 fell 91 cents to $76.65 per barrel. Last week, the market lost around 3 percent, adding to a near 5-percent decline from a week before. The U.S. accounted for more than half of that decline, as U.S. crude oil and other liquids inventories decreased by 162 MMBbl over that period. Surging output and a lack of pipeline capacity in the prolific Permian Basin shale play in Texas is exacerbating swelling USA inventories.
On a weekly basis, it rose to 10.8 million bpd last week, close to top producer Russian Federation, the EIA said.
Over the last four weeks, motor gasoline product supplied averaged about 9.7 million barrels per day, up by 0.8 percent from the same period previous year.
"Until transportation is incentivized to get crude to the coasts or production is shut in, "we're going to continue to see some weakness in WTI", Smith said".
About 883,000 barrels per day (bpd) of US crude is expected to land at Asian ports in June, up from 769,000 bpd in May, which was the previous high for USA crude exports to Asia. Drillers added two oil rigs in the week to June 1, bringing the total count to 861, the highest since March 2015, General Electric's Baker Hughes energy services firm said in its closely followed report on Friday.
Speculators in Brent crude cut their net long positions in the week by 49,638 contracts to 451,966.
Venezuela, whose output has plunged due to an economic crisis, toldOPEC its production fell to 1.505 million bpd in April, believed to be the lowest in decades.
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