Published: Sat, October 07, 2017
Global | By Maureen Mccoy

Russian Sept oil output stays at low for the year

Russian Sept oil output stays at low for the year

Hong Kong: Oil declined to near $50 a barrel as United States industry data showed an increase in gasoline stockpiles and a boost in crude inventories at the nation's biggest storage hub.

Oil's bull market rally stumbled into some bad news. "A global supply glut has plagued the market for several years, and OPEC member countries and non-member producers have vowed to implement cuts to curb such oversupply", reports CNBC.

A survey conducted by Reuters also found that overall output from the oil cartel improved. Turkey's threat to halt exports of Kurdish crude also put traders on edge.

As a result, U.S. West Texas Intermediate crude futures rose 14 cents to $50.56 U.S. per barrel mid-morning Wednesday, having fallen below $50.00 earlier in the session.

US energy companies added oil rigs for the first time in seven weeks. The average daily production rate for 2017 was revised downward from 9.35 to 9.25 million barrels per day.

Refinery maintenance season is looming large over USA facilities but last week these processed crude at an average rate of 16 million bpd, compared with 16.2 million bpd in the week before, producing 9.9 million bpd of gasoline, flat on the previous week. The global benchmark crude traded at a premium of $5.15 to December WTI.

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Drillers added six oil rigs looking for new production in the week to September 29, bringing the total count up to 750, according to energy services firm Baker Hughes.

The Bloomberg Dollar Spot Index, which tracks the currency against 10 major peers, rose as much as 0.5 percent.

Crude oil prices were moving closer to even moments before the opening bell in NY.

Energy analysts Kpler estimate that, at the end of last week, the amount of oil kept on ships in the North Sea rose by almost 3 million barrels to just over 5.4 million barrels in the space of a week, in line with Reuters calculations. Any fall in Russia's crude oil production is bullish for crude oil (BNO) (USO) prices.

"When we had the hurricane disruptions, that translated into strong margins and disruptions to USA crude exports".

The consensus among the major USA and global energy agencies is that consumption of crude oil will remain strong through the rest of 2017 and 2018.

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