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The U.S. Energy Information Administration said crude inventories fell 5.2 million barrels last week, much more than the 1.8 million-barrel drop analysts predicted. Some analysts questioned the staying power of the sharp price rebound, given increased crude production in the United States, along with OPEC members Libya and Nigeria. State-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June. But oil slumped in recent weeks as rising U.S. production undermined the OPEC-led efforts to reduce a global crude glut. Shipments data has shown signs of drawdown, with shipments from OPEC countries expected to fall about 50 million barrels in April, according to Thomson Reuters.
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The U.S. Energy Information Administration said crude inventories fell 5.2 million barrels last week, much more than the 1.8 million-barrel drop analysts predicted. U.S. light crude oil ended up $1.45 higher at $47.33 a barrel. Some analysts questioned the staying power of the sharp price rebound, given increased crude production in the United States, along with OPEC members Libya and Nigeria. State-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June. But oil slumped in recent weeks as rising U.S. production undermined the OPEC-led efforts to reduce a global crude glut.
U.S. light crude oil was $1.81 higher at $47.69 a barrel. State-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June, a source told Reuters, as part of the Organization of the Petroleum Exporting Countries' deal to reduce production. A worker checks an oil pipe at the Lukoil-owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, in this January 25, 2016 file photo. Gasoline and distillate stocks also fell, supporting a market that has sold off in recent weeks due to persistently high U.S. inventories. "U.S. crude oil production is now solidly above 9.3 million barrels per day with more to come, and refined product, especially for gasoline, is oddly weak," said John Kilduff, partner at hedge fund Again Capital in New York.
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The U.S. Energy Information Administration said crude inventories fell 5.2 million barrels last week, much more than the 1.8 million-barrel drop analysts predicted. Some analysts questioned the staying power of the sharp price rebound, given increased crude production in the United States, along with OPEC members Libya and Nigeria. State-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June. But oil slumped in recent weeks as rising U.S. production undermined the OPEC-led efforts to reduce a global crude glut. Shipments data has shown signs of drawdown, with shipments from OPEC countries expected to fall about 50 million barrels in April, according to Thomson Reuters.
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Oil jumps on drop in U.S. crude stocks, possible OPEC cut extension
The U.S. Energy Information Administration said crude inventories fell 5.2 million barrels last week, much more than the 1.8 million-barrel drop analysts predicted. U.S. light crude oil ended up $1.45 higher at $47.33 a barrel. Some analysts questioned the staying power of the sharp price rebound, given increased crude production in the United States, along with OPEC members Libya and Nigeria. State-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June. But oil slumped in recent weeks as rising U.S. production undermined the OPEC-led efforts to reduce a global crude glut.
U.S. light crude oil was $1.81 higher at $47.69 a barrel. State-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June, a source told Reuters, as part of the Organization of the Petroleum Exporting Countries' deal to reduce production. A worker checks an oil pipe at the Lukoil-owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, in this January 25, 2016 file photo. Gasoline and distillate stocks also fell, supporting a market that has sold off in recent weeks due to persistently high U.S. inventories. "U.S. crude oil production is now solidly above 9.3 million barrels per day with more to come, and refined product, especially for gasoline, is oddly weak," said John Kilduff, partner at hedge fund Again Capital in New York.
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