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OPEC may decide to ease oil supply curbs in June - sourcesNaija247news
27 May 2018, 01:17 | Lionel James
U.S. Pushes for Lower Oil Prices as OPEC Mulls Production Boost
Gulf OPEC countries are leading the initial talks on when the exporting group can boost oil production to cool the oil market after crude rose above $80 a barrel last week, and how many barrels each member can add, the sources said.
In the meantime, Russian Federation and Saudi Arabia could potentially ease their own oil production caps in an effort to keep prices under control.
United States crude inventories increased 5.778 million barrels to 438.132 million barrels last week, EIA data showed.
Global inventories have been broadly falling, even as USA crude production has risen.
The prospect of renewed sanctions on Iran after Trump pulled out of an worldwide nuclear deal with Tehran has further boosted prices in recent weeks.
Prices of the barrel of West Texas Intermediate came under renewed and strong selling pressure on Friday, giving away part of the recent gains and retreating to levels seen earlier in the month around $68.60/50.
At a time when India is looking at ways to keep rising fuel prices in check, a further increase in the per barrel price of crude oil (the deciding factor of domestic oil prices) may bring more pain for consumers in the future.
The US government imposed new sanctions on Venezuela following Sunday's re-election of President Nicolas Maduro, a move that analysts say could further curb the country's oil output already at its lowest in decades.
Traders also drew attention to the data of the American Petroleum Institute (API) on reserves in the US.
Crude oil prices fell Wednesday after the Energy Information Adminstration reported a massive increase in crude oil stockpiles.
Brent futures dipped 4 cents to $79.53 a barrel by 0006 GMT, after climbing 35 cents on Tuesday. A lack of pipelines in the prolific Permian Basin shale play in Texas is exacerbating the swelling US surplus as American production tops 10 million barrels a day. "The global sweet spot - where oil prices may have positively contributed to global growth - seems to be somewhere between $50/bbl and $70/bbl", CNBC cited UBS sa saying.
Phil Flynn, the senior market analyst for the PRICE Futures Group in Chicago, said in a daily emailed newsletter the US crackdown on Iran and Venezuela is adding a risk premium to the price of oil.
OPEC leaders are expected to meet in Vienna on June 22 to discuss reversing an agreed-upon production decrease that removed 1.8 million barrels per day from the global market.
Crude finds support at $70.52 a barrel after losing more than $2 in the last two days.
July WTI crude futures settled 1.2% to $71.36/bbl while July Brent slid 1.5% to $78.39/bbl, after US crude inventories rose 5.8M barrels last week while gasoline stocks gained 1.9M barrels.
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