Oil prices rise to 2-week high on dip in U.S. output

Oil prices rise to 2-week high on dip in U.S. output

Oil prices rise to 2-week high on dip in U.S. output

Earlier in June, the EIA also lowered its Permian oil production estimates for every month in 2017. However, 70 percent would not rule out a further drop into the $30s.

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This would be oil's eighth straight session of gains - the longest streak for West Texas Intermediate, the US benchmark, since a 10-day rally in late 2009 and early 2010. That makes Venezuela the third largest supplier of crude to the US, after Canada's 3.556 million bpd and Saudi Arabia's 1.02 million bpd.

WTI hit a recent low of $42.05 per barrel on June 21, a level it had traded near in November.

After discovering that its strategy to push out US shale producers with low oil prices didn't work, OPEC's efforts to stabilize the global oil market have been a popular news subject in recent months.

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The U.S. lost two oil rigs last week, moving its current mark to 756. If this materializes, it will add to the global supply glut that would keep oil prices at low levels much longer. So if demand rises over time and Opec sticks to its deal in the longer term, we see a forward price anchor for WTI in the $45 to $50/bbl range and a backwardated structure of $3 to $7/bbl. Seven percent see geopolitical threats as a bigger factor affecting prices, and six percent expect OPEC will be the greatest influence in the second half of the year. Thirteen percent say demand is trending weaker. The market "is still very oversupplied". Some key producers, including the USA, which isn't part of OPEC, continue to show strong output.

USA government data showed on Wednesday that domestic crude production dropped by 100,000 barrels per day (b/d) to 9.3mb/d last week, the steepest weekly fall since July 2016. "He "gets" it; few others around him do", Garman wrote. The United States is the largest importer of Venezuelas oil exports.

On Thursday, the same source said production had been fluctuating between 950,000 bpd and close to 1 million bpd due to technical and power generation problems. While U.S. imports of primarily crude oil from Venezuela have been on the decline, U.S. exports of petroleum products to Venezuela have increased largely because of Venezuelas tight finances that leave it unable to invest and maintain its own domestic refineries.

Elsewhere, the bank says Saudi Arabia's economic reforms are "credible, robust, and generally there is a strong government commitment", although there are risks of slippage because of persistent depressed oil prices.

In tonnes, oil output reached 44.801 million, versus 46.298 million in May.

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