Oil gains on USA inventory drawdown, Gulf of Mexico storm

Crude Oil daily chart

The solar units behind an oil pump outdoors Saint-Fiacre, close to Paris, France March 28, 2019.

The system sitting 100 miles (160 kilometers) southwest of Apalachicola, Florida, has a 90% chance of organizing into a depression or escalating into Tropical Storm Barry late Wednesday or early Thursday, according to the U.S. National Hurricane Center in Miami.

USA crude stocks fell 9.5 million barrels in the week to July 5, more than triple the 3.1 million barrel draw analysts had expected, as refineries ramped up output, the Energy Information Administration (EIA) said.

Texas and the Federal Offshore Gulf of Mexico (GoM), the two largest crude oil production areas in the US, both reached record levels of production in April, at 4.97 Mmbpd and 1.98 Mmbpd, respectively, the Energy Information Administration reported, Kallanish Energy learns.

U.S. West Texas Intermediate (WTI) crude futures climbed $1.13 to $58.96 by 0947 GMT, after hitting a session high of $59.18.

"Prices are finely balanced right now as investors await fresh stimulus", said Fawad Razaqzada, technical analyst at FOREX.com. Exxon Mobil Corp (XOM.N) said it was "closely monitoring" the disturbance to determine if its facilities might be affected.

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Andarko's total Gulf output averaged 166,000 barrels of oil equivalent per day in the first quarter.

"New economic concerns and a firmer US dollar are putting oil prices under pressure", analysts at Commerzbank said in a note Tuesday.

OPEC and allied producers led by Russian Federation agreed last week to extend their supply-cutting deal until March 2020.

The U.S. and global benchmarks have risen this year as OPEC and big producers like Russian Federation have honored commitments to cut production and support prices.

Supporting prices was an Iranian military official's comments that Britain's seizure last week of an Iranian oil tanker off the coast of Gibraltar will not be "unanswered", according to the semi-official Tasnim news agency. -China trade war that has rumbled on over the a year ago. Major organizations have downgraded oil demand growth forecasts to reflect uncertainties about the global economy and the U.S.

(MENAFN - Baystreet.ca) OPEC and allies had little choice but to roll over their production cuts into the first quarter of 2020 amid higher-than-average global inventories, continued uncertainties over the global economy and oil demand growth, and rising rival oil supply, mostly from USA shale. Brent has risen nearly 20% in 2019 supported by the pact and also tensions in the Middle East, especially concerns about the row over Iran's nuclear program.

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