Published: Sat, May 06, 2017
Markets | By Lucia Cruz

Market Currents: Saudi crude exports show April pullback

That rebound has overshadowed efforts by OPEC and non-OPEC members like Russian Federation to support the oil market.

Both Brent LCOc1 and US crude CLc1 fell nearly 4 percent overnight on mounting concerns about oversupply.

While OPEC is cutting back to alleviate price pressures, US fracking companies could jump to capitalize on the windfall as crude oil prices jump back above $50 per barrel - according to some estimates, shale oil producers can get by with oil at just over $50 per barrel due to advancements in technology and drilling techniques that have helped cut down costs. Russia, one of the non-OPEC countries to sign up to the cuts, has signaled that Moscow is ready to extend the production cut agreement with the oil cartel.

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Iraq, which has faced criticism for not fully complying with its required cut, produced 4.36 million barrels per day in April, the survey found, as the Taq Taq field in the Kurdistan Region of the country has seen output decline, while exports from Iraq's Persian Gulf terminal also fell during the month. "The whole commodity complex has been affected by this and it could have some pretty big implications if it continues for much longer", said Saxo bank's head of FX strategy John Hardy. Oil prices stabilized in Asian trading Friday after hitting a five-month low while regio.

HONG KONG (AP) - A strong report shored up markets on Friday, though energy shares remained under pressure after the price of oil touched its lowest level in almost six months.

The gap between French and German 10-year government borrowing costs also hit a six-month low and despite the dip on the day, European shares were heading for a healthy 1.2 percent rise for the week. The euro slipped to $1.0975 from $1.0984. "I do think as long as OPEC maintains the cuts, the price will get some stability", Petromatrix analyst Olivier Jakob said. "This week's USA figures did not provide that evidence". Both had been nudged lower by the commodity market worries. The Standard & Poor's 500 index rose 0.1 percent to close at 2,389.52. "The Fed will raise the federal funds rate again in mid-June as the economy is approaching full employment", said Gus Faucher, chief economist at PNC Financial in Pittsburgh. The kingdom is seen as a driver of OPEC's production cut deal, with Saudi Energy Minister Khalid al-Falih telling an April conference in Abu Dhabi there appeared to be a growing consensus on a need to extend the cuts, as global inventories remain stubbornly high. "They either put up a defense here or risk further emboldening the bears for a run at the US$40 threshold (for WTI)".

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