Markets

Price of crude oil climbs in global market

Price of crude oil climbs in global market

In February, even Saudi Arabia's state oil company considered participating in these flows via a USA unit, before determining it wasn't economically viable at the time.

A pump jack is seen at sunrise near Bakersfield, California October 14, 2014.

The renewed confidence in oil comes as investors increasingly grow concerned that US crude producers may undermine efforts by the Organization of Petroleum Exporting Countries and its allies to curb output.

Brent sweet crude traded at $65.70 per barrel on Monday, an increase of 21 cents or 0.3 percent from its previous close.

The price for Brent crude oil, the global benchmark, was down 0.52 percent as of 9:23 a.m. EST to $65.15 per barrel.

"Oil prices fell on the back of concerns that surging USA production. could push inventories in the USA higher", ANZ bank said on Tuesday.

Refinery crude runs rose by 85,000 barrels per day (bpd), API data showed.

Despite this, market conditions remain weak, and prices have not returned to their January highs of over $70 per barrel for Brent and nearly $67 for WTI.

Source Commonwealth Bank
Source Commonwealth Bank

Motive Enterprises LLC shut down the large crude distillation unit at its 603,000-barrel-per-day Port Arthur, Texas refinery Traders are looking to take advantage of the current status of oil in the markets, and increase their portfolios.

"The market continues to flip back and forth on the idea that increased global demand and a production cut is going to support prices. but US production, and North American production levels in general, is going to negate a lot of the impact of that", said Gene McGillian, director of market research at Tradition Energy.

USA crude oil production C-OUT-T-EIA soared past 10 million barrels per day (bpd) in late 2017, overtaking output by top exporter Saudi Arabia.

Showing the lowest level since 2015, United States crude inventories dropped 1.1 million barrels in the week of January 19, according to the Energy Information Administration (EIA).

Additionally, U.S. crude production from major shale formations is expected to rise by 131,000 bpd in April from the previous month to a record 6.95 million bpd, the U.S. Energy Information (EIA) said in a monthly report on Monday.

Healthy demand and ongoing supply restraint by a group or producers led by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation, however, have so far prevented further price falls.

That would be a reversal from a supply deficit in 2017 and early 2018.

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