Oil rises above $48 as API reports drop in U.S. fuel stocks
LONDON (Reuters) – Oil surpassed $ 48 a barrel on Wednesday in response to a drop in US fuel inventories and a reduction in US government forecast next year’s gross output, prompting hope for the Prolongation of supply.
US oil reserves fell 8.1 million barrels, the industry group American Petroleum Institute said on Tuesday, far more than the forecast.
The official from the inventory data of the Energy Information Administration are paid from 30 to 14 hours.
World reference Brent crude rose 86 cents to $ 48.38 a barrel before 20:00 GMT. US crude gained 93 cents to $ 45.97.
“Although we can expect a near-term increase amid speculation of reduced US output, earnings may be limited by the dynamics of the supercoûtement markets,” said Lukman Otunuga FXTM analyst.
The decline in crude oil inventories in the United States will increase the hope that a rebalancing of the market as expected or ongoing. An oversupply has lasted for three years, despite a reduction in OPEC-led production in 2017, which helped keep oil at less than half its price in mid-2014.
Also price support, said the EIA Tuesday it expects crude oil production in the United States under augmentation than expected next year due to lower prices.
The lower forecast for 2018 to 9.9 million barrels per day will facilitate the reduction of OPEC supply will lead to oversupply of the US shale competition, reducing OPEC’s effort.
However, production of 9.9 million barrels per day would be a record for US production.
The reduction in supply led by the Organization of Petroleum Exporting Countries has provided some form of support for prices, but in recent weeks, leaving Libya and Nigeria – OPEC exempted from the agreement – has pushed above disposal.
OPEC output rose more than 300,000 barrels per day (bpd) in June, according to Reuters estimates that the exporting group uses to control its supply, as more and more oil from exempted countries responded to many other conditions.
Saudi Arabia’s largest exporter plans to export less. An industry source said on Wednesday that Saudi Arabia plans to reduce its shipments in August by more than 600,000 barrels per day, allowing this month’s exports to their lowest level this year in order to balance a seasonal increase in domestic use.
The latest OPEC monthly report, which contains production figures for June, expects to be released later Wednesday.