Economy

Oil prices up again after decreasing amid growing U.S. stocks

Oil prices up again after decreasing amid growing U.S. stocks

Oil prices fell on Wednesday after industry data showed a surprise increase in USA crude inventories despite Opec-led output cuts that Saudi Arabia and Russian Federation want extended.

Crude inventories USOILC=ECI fell by 1.8 million barrels for the week to May 12, compared with analysts' expectations for an decrease of 2.4 million barrels.

Brent crude was down 15 USA cents at $51.50 per barrel by 8.51am GMT.

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USA crude production has climbed 10 percent since mid-2016 to 9.3 million barrels per day, close to levels from top producers Russian Federation and Saudi Arabia.

"A triumvirate of draws for crude, gasoline and distillates is a supportive influence for prices", said Matt Smith, director of commodity research at ClipperData.

USA crude stocks fell last week as refineries hiked output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.

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The Organization of the Petroleum Exporting Countries (OPEC) along with some other producers, including Russian Federation made a decision to reduce oil output by 1.8 million barrels per day for the first six months of this year. Market watchers expect them to extend output cuts of 1.8 million barrels a day until the end of March 2018.The OPEC-led group is trying to reduce a global crude glut in the face of rising production in the United State.

He cautioned, however, that the market may expect deeper cuts to keep prices elevated, particularly with USA production still rising.

Many investors remain concerned about growing US crude production, which has climbed 10 percent since mid-2016 to 9.3 million barrels per day.

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They were a combined 0 for 10 from the field in the first half, with their only points coming on a pair of Thomas free throws. If the Cavs 3-point shot is falling, the Celtics could be in serious trouble.

Libya also plans to restart production. US oil futures on the NYMEX gained 6 percent in the five trading sessions ended May 16, boosted by expectations that the major oil producing nations will extend their cuts further, even into 2018.


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