Oil surges as US stocks fall

Oil surges as US stocks fall

 Singapore - Baghdad / Reuters - Range

Oil rallied on Tuesday, supported by strong demand for fuel in the United States, but the continued increase in supplies from the Organization of the Petroleum Exporting Countries (OPEC) restrains prices. WTI crude futures were $ 50.32 a barrel, up 15 cents, or 0.3 Percent for the latest closing price. US crude yesterday opened above $ 50 a barrel for the first time since May 25.
Global Brent crude futures hit $ 52.85 a barrel, up 13 cents, or 0.25 percent. BNP Paribas said: "US gasoline demand has risen to record highs last year and US stocks have fallen, especially in the East Coast." . Overall, US crude oil inventories fell 10 percent from a record high of 483.4 million barrels in late March.
Despite the decline in US stocks, there are indications that the world oil markets will continue to be abundant in supplies, which inhibits further price increases. A Reuters survey showed that OPEC's production of oil increased this month 90 thousand barrels per day to the 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. On the other hand, the Iraqi Oil Ministry said on Tuesday that the country's oil exports amounted to 3.230 million barrels per day in July, down from 3.273 Million barrels a day in June Death ministry spokesman Assem Jihad , in a press statement reported to Twilight News, said that the preliminary statistical issued by the Iraqi Oil Marketing Company "SOMO" refers to the export of 100 000 144 thousand barrels last month , a daily average of 3.23 million barrels.
He added that exports achieved revenues of 4 billion and 386 million dollars, where the average price per barrel was 43.798 dollars. Jihad pointed out that all the exported quantity was from fields in the center and south of the country, noting that the export of quantities of crude oil to Kirkuk fields through the port of Ceyhan Turkish . Iraq has announced on Tuesday, the launch of eight areas of exploratory border and sea, central and southern country, to invest in front of international oil companies.
"In order to explore, develop and produce a number of land and sea border explorations in southern and central Iraq, the Ministry of Oil invites international companies to participate and obtain information portfolios for investment and development," said Abdulmahdi Al-Amidi, Director General of Oil Contracts and Licensing Department at the Ministry of Oil. .

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