Oil Prices Inch Lower After API Reports Crude Draw, Gasoline Build

13 Juin, 2018, 16:35 | Auteur: Auguste Feret

Fox News contributor John Layfield on the impact of rising oil prices on the US economy.

OPEC and Russian Federation decided together in 2016 to cut their supply in order to push prices up following a crash in prices induced by a global crude production glut.

Brent crude LCOc1 was down 30 cents at $75.58 a barrel by 1000 GMT.

Oil has retreated from the highs of May as Saudi Arabia and Russian Federation signaled they may increase output later this year to counter supply losses from other producers, while U.S. President Donald Trump is also pressuring them to temper crude prices.

President TrumpDonald John TrumpWhat you need to know about Tuesday's elections Danny Tarkanian wins Nevada GOP congressional primary Laxalt, Sisolak to face off in Nevada governor's race MORE focused on high oil prices in a tweet on Wednesday, again laying blame on OPEC.

OPEC and other producers will meet on June 22-23 in Vienna to discuss future production.

- Donald J. Trump (@realDonaldTrump) April 20, 2018Bloomberg and Reuters reported last week that Trump requested that Organization of Petroleum Exporting Countries members, such as Saudi Arabia, increase their oil production.

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Futures in NY dropped as much as 1.3 percent after Russian Federation, which has already started increasing output, was said to suggest that OPEC and its allies be allowed to return production to October 2016 levels within three months, although not all nations would be able to do so.

Lukman Otunuga, analyst at futures brokerage FXTM, said higher oil production and forecasts of more to come were undermining prices.

"The prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price".

Rising US stocks are in part a result of the surge in US crude oil production, which has jumped by nearly a third in the last two years to a record 10.8 million barrels per day (bpd).

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Wednesday at 10:30am EDT.

"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russian Federation on top of the increase already built into our 2019 non-OPEC supply numbers", it added.

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