Published: Mon, August 06, 2018
Money | By Armando Alvarado

Oil prices dip sharply on United States inventories

Oil prices dip sharply on United States inventories

US Crude oil exports have fallen right off the table from last week's 2.7 million barrels per day to only 1.3 million barrels per day while clocking the slowest reading since April.

US West Texas Intermediate (WTI) crude futures were at $68.70 a barrel at 8.47am GMT, down 26c from their last settlement.

Prices had tumbled to a six-week.

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On Tuesday, the EIA reported that U.S. crude production fell 30,000 barrels per day to 10.44 million bpd in May.

A mixed U.S.jobs report and data showing total OPEC production were offsetting supply-side strains and left the price of oil searching for direction early Friday.

Brent prices fell more than 6 percent and USA crude slumped about 7 percent, the biggest monthly declines for both benchmarks since July 2016.

Futures in NY were little changed, following a 3.5-percent slide in the past two sessions.

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EIA's latest Short-Term Energy Outlook (STEO) from July forecasts that USA crude oil production will average 10.8 million bpd this year, up from 9.4 million bpd in 2017.

Oil prices went down on Wednesday as official data showed that US crude stockpiles rose unexpectedly last week.

On Wednesday, prices sank when the USA government reported that in the prior week, total US inventories rose 3.8 million barrels, while supplies at Cushing fell 1.3 million barrels.

American oil production in May actually inched down from April by 0.3 percent, according to EIA's Monthly Crude Oil and Natural Gas Production report.

A survey showed that the Organisation of Petroleum Exporting Countries (OPEC's) crude output increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met.

Oil prices edged lower on Friday after strong gains the previous day, easing on persistent supply concerns as Russian Federation increased production in July and Saudi Arabia cut the price of crude for its Asian customers.

Stocks at the key Cushing storage hub in Oklahoma fell by 1.3-million barrels, the lowest level since October 2014, according to data from the Energy Information Administration (EIA). Refinery input was 72,000 barrels higher than the levels the same week a year ago. West Texas Intermediate, the USA benchmark for the price of oil, was down 0.1 percent to $68.89 per barrel.

The net imports averaged 6.44 million barrels per day last week, up by 1.35 million barrels per day from the previous week.

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