Oil spikes as U.S. inventories tumble by more than expected

23 Mai, 2017, 08:31 | Author: Marc Bacque

Raise in oil price pull World stocks all-time high as US fuel inventories declined, even though OPEC agreed to reduce production and near record supplies capped gains.

U.S. crude production is expected to rise by more than previously expected in 2017 to 9.31 million barrels per day from 8.87 million bpd in 2016, a 440,000 bpd increase, the U.S. Energy Information Administration (EIA) said.

U.S. West Texas Intermediate (WTI) crude CLc1 was up 23 cents, or 0.5 percent, at $46.11 a barrel.

In the United States, crude stockpiles posted their biggest weekly drawdown since December last week as imports dropped sharply, while inventories of refined products also fell.

Bank of America Merrill Lynch said the low oil prices were also due to a slowdown in demand.

Brent crude futures were at $49.82 per barrel at 0323 GMT on Monday, up 72 cents, or 1.47 percent, from their last close.

OPEC member Libya said production exceeded 800,000 barrels per day (bpd) for the first time since 2014 and could rise to 1.2 million bpd later this year.

OPEC will meet on May 25, when it is expected to discuss prolonging the cuts to the end of 2017, although analysts say a further extension may not be enough.

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Saudi Arabia's energy minister, Khalid al-Falih, said on Monday he expected Opec to agree to extend an agreement to limit oil production to the end of the year or possibly longer.

In recent market action, light, sweet crude futures for delivery in June climbed 57 cents, or 1.2%, to $47.90 a barrel on the New York Mercantile Exchange.

Oil prices pared gains on Thursday after the release of the report to trade at less than $51 a barrel LCOc1 , below the $60 level that top OPEC producer Saudi Arabia would like to see.

"Conservative estimates predict that we will need to offset 20 million barrels per day in combined demand growth and natural decline over the next five years", Falih said.

Many oil producers in the region have been badly hit by low prices with many turning to bonds and loans to make up for revenue losses.

US crude output averaged 9.3 million bpd in the week ended April 28, its highest since August 2015, according to federal data and many analysts see USA crude output heading towards 10 million bpd over the next year or so.

"Oil prices are still finding it hard to recoup the losses they suffered last week", analysts at Commerzbank (Xetra: CBK100 - news) said in a note, adding the impact on prices from the fall in US inventories had been underwhelming.

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