Oil steadies to trade higher after losses Oil&Gas 09:55

Virginia Carson
August 6, 2018

At the Multi Commodity Exchange, crude oil for delivery in September rose by Rs 15, or 0.33 per cent, to Rs 4,580 per barrel in a business turnover of 16 lots. Saudi Arabia produced at record levels and support from Kuwait and the United Arab Emirates made up for losses elsewhere in the market.

In the previous week ending July 20, EIA reported a draw of 6.1 million barrels.

ANZ bank said on Friday in a note the drop in Cushing inventories were a driver for rising crude oil prices "amid signs that last week's (overall) build in inventories won't last very long".

SEOUL/SINGAPORE, Aug 2 (Reuters) - South Korean imports of US crude oil are set to hit all-time highs in September and October as refiners snap up supplies to replace Middle East grades, four sources with knowledge of the matter said. Higher crude output from the Saudis, along with Nigeria and Iraq, pushed up total Opec production by 300,000 barrels a day last month.

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Saudi Arabia's production increase shows it's delivering on promises to prevent prices from damaging the global economy after Brent crude reached a three-year high above $80 a barrel earlier this summer. "In turn, for every 1 million barrels per day imbalance, we see a price impact on Brent of around $17", they added.

US crude oil imports averaged 7.75 million barrels per day last week, maintaining the levels of the previous week.

Futures fell for the third day in NY, losing as much as 1.1 per cent to hit their lowest level since June 22, but US government's data showed a surprise gain in nationwide stockpiles on Wednesday.

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. That's equivalent to about 11.21 million barrels a day, a jump of 140,000 from a month earlier, according to Bloomberg calculations based on the ministry's data. This helped push Brent futures to close $1 a barrel higher on Thursday.

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Distillate fuel supplied over the last four-week period averaged 3.93 million barrels per day, down by 5.9 percent from the same period past year.

U.S. West Texas Intermediate (WTI) crude futures were at $68.87 per barrel at 0647 GMT, down 9 cents from their last settlement. Over the past four weeks, jet fuel supplied averaged 1.79 million barrels per day, down by 1.7 percent from the same period a year ago.

Meanwhile, Opec's July output climbed as Saudi Arabia pumped near-record volumes and Russian Federation boosted production to levels not seen since it joined the cartel in a coordinated cut two years ago.

Oil prices went down on Wednesday after official data showed that USA crude oil inventories increased despite the fact that the analysts were expecting a draw.

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