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Oil surges as US stocks fall but OPEC supplies increase pressure
Oil rose on Tuesday, buoyed by strong demand for fuel in the United States, but continued supply increases by the Organization of the Petroleum Exporting Countries (OPEC) restrain prices.
By 0712 GMT, US WTI crude futures were $ 50.32 a barrel, up 15 cents, or 0.3 percent, from the latest closing price. US crude on Tuesday opened above $ 50 a barrel for the first time since May 25.
Brent crude futures were $ 52.85 a barrel, up 13 cents, or 0.25 percent.
"US demand for gasoline has increased to record highs last year and US stocks have fallen, particularly in the East Coast," said French bank BNP Paribas.
Overall, US crude oil inventories fell 10 percent from late March highs to 483.4 million barrels.
Despite the decline in US stockpiles, there are signs that global oil markets will continue to have abundant supplies, curbing further price increases.
A Reuters survey showed that OPEC's oil production this month increased 90,000 barrels per day to its highest level in 2017 at 33 million barrels per day led by another recovery in supplies from Libya, one of two countries exempt from a deal to cut production.
http://economy-news.net/content.php?id=8519
Oil rose on Tuesday, buoyed by strong demand for fuel in the United States, but continued supply increases by the Organization of the Petroleum Exporting Countries (OPEC) restrain prices.
By 0712 GMT, US WTI crude futures were $ 50.32 a barrel, up 15 cents, or 0.3 percent, from the latest closing price. US crude on Tuesday opened above $ 50 a barrel for the first time since May 25.
Brent crude futures were $ 52.85 a barrel, up 13 cents, or 0.25 percent.
"US demand for gasoline has increased to record highs last year and US stocks have fallen, particularly in the East Coast," said French bank BNP Paribas.
Overall, US crude oil inventories fell 10 percent from late March highs to 483.4 million barrels.
Despite the decline in US stockpiles, there are signs that global oil markets will continue to have abundant supplies, curbing further price increases.
A Reuters survey showed that OPEC's oil production this month increased 90,000 barrels per day to its highest level in 2017 at 33 million barrels per day led by another recovery in supplies from Libya, one of two countries exempt from a deal to cut production.
http://economy-news.net/content.php?id=8519
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