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US Crude Oil Inventories Fall For Sixth Straight Week

19 May 2017, 10:53 | Melvin Schneider

US Crude Oil Inventories Fall For Sixth Straight Week

OPEC considering to cut back their oil output until March 2018

The oil ministers of Opec producer Kuwait and the Middle East's largest non-Opec producer Oman also added their support to the nine-month cuts extension this week.

Brent for July settlement increased 98c, or 1.9%, to $53.49 a barrel on the London-based ICE Futures Europe exchange. USA crude oi lost US$1.02 to reach a low of US$48.05 was last trading 20 cents lower at US$48.87.

That source said a deeper cut in output was an option depending on estimated growth in supply from non-Opec producers, mainly USA shale oil firms, among other scenarios.

Saudi and Russian Federation produce a combined 20 million barrels of crude oil a day - about one-fifth of global consumption - and other oil-producing nations are expected to follow their lead over cuts, the BBC reported.

In late November, OPEC agreed to cut production by 1.2 million barrels a day, the first such reduction agreement since 2008.

An OPEC panel is considering even deeper supply cuts to try to boost prices and reduce forward selling.

USA crude stockpiles gained 882,000 barrels in the week ended May 12, the API was said to report on Tuesday.

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Oil markets are interestingly poised ahead of a May 25 meeting of the oil cartel, OPEC.

Transocean (RIG) shares led decliners with a decline of 21 cents, or 1.9% to $10.48.

Despite this, analysts said that an extension of the supply cut was important.

USA crude stockpiles declined 1.75 MMbbl to 520.8 MMbbl last week, down from a record 535.5 million at the end of March, according to the Energy Information Administration. US light crude slid 26 cents to $48.40.

"For the global crude markets, fundamental demand strength in the coming weeks may have to come from seasonal gains in refining runs in Europe and Asia, led by China - provided that product demand and refining margins remain healthy". The latest official data on United States demand for February revealed the biggest decline in nearly four years at 495,000 bpd, according to the agency.

USA production has risen 850,000 barrels per day (bpd) from its 2016 lows to 9.3 million bpd now, not far from the all-time record set in 2015. That's countering optimism after government data showed US stockpiles dropped last week for a sixth straight weekly decline and crude production fell for the first time in 13 weeks, ending the longest stretch of gains since 2012.



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