Oil prices drop on prospect of rising supplies

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

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

The Organization of the Petroleum Exporting Countries and some non-OPEC producers, led by Russian Federation, agreed to cut output in 2017 to reduce a supply overhang, which has led to a 60 percent spike in oil prices over the past year.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russian Federation, started withholding output in 2017 to reduce a global supply overhang and prices have risen by around 60 percent over the a year ago.

United States crude oil production for yet another week for week ending June 01-the most recent data available-increased to 10.800 million bpd, according to the EIA.

But the Paris-based IEA, echoing statements from oil producers as well as analyst comment in recent weeks, said there may be a change to the so-called Vienna agreement.

"The United States shows by far the biggest gain (about 75 percent of the total across 2018 and 2019), but recently this expansion has not been without stress", the report said, referring to a gap in recent weeks between the USA and European oil futures contracts.

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But OPEC said on Tuesday the outlook for the oil market in the second-half of this year was highly uncertain and warned of downside risks to demand.

"Saudi Arabia and Russian Federation have already started to lift production", he said. "Unofficial sources have said that Russian Federation will propose to return production back to the October 2016 (level), i.e. removing the cap altogether over a period of three months".

"The prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price", said Lukman Otunuga, analyst at futures brokerage FXTM.

However, the API reported a surprise buildup in gasoline inventories for week ending June 8 in the amount of 2.33 million barrels. American oil production has jumped by nearly a third in the last two years to a record 10.8 million barrels per day.

While Nigeria reported diminishing oil exports in the wake of force majeure on Bonny Light oil, both Saudi Arabia and Russian Federation this week reported increased oil production for the month of May, at 10.0 million bpd and 11.09 million bpd respectively, sending mixed signals to the oil market.

An oil production shortfall in Iran and Venezuela may force OPEC and Russian Federation to decide later this month to open their taps, the International Energy Agency said Wednesday.

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