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Oil is almost stable with uncertainty over OPEC supply increases
08:25 - 12/06/2018
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Oil prices remained flat on Monday after comments by Iraqi Oil Minister Jabbar Ali al-Allaibi cast doubt on whether the Organization of the Petroleum Exporting Countries (OPEC) would decide to increase production at its next meeting.
Global Brent crude was little changed at $ 76.46 a barrel, while WTI rose 36 cents to $ 66.07 a barrel, its highest level since June 1.
Jim Ritterbusch, chairman of Ritterbusch & Associates in Gallina, Illinois, said the relative gains made by US crude came from profit taking as a result of the large price differential between the benchmark crude.
Iraqi Oil Minister Jabbar al-Luaibi said crude prices still needed support and stability, and producers should never overstate the need for oil markets for more supplies. He said in a statement that he rejects the unilateral decisions of some oil producers without consulting with the other countries participating in the agreement to reduce the production of crude.
Analysts said oil had some support from gains in equity markets. The three US indexes rose two hours ahead of the meeting in Singapore between US President Donald Trump and North Korean leader Kim Jong-un.
Saudi Arabia, the world's top crude exporter, told OPEC it had raised its oil production to just over 10 million bpd in May, according to an informed source, but still within the target limits of the deal.
Russia's output exceeded the target of 11.1 million bpd in early June, Interfax news agency reported on Saturday.
In the United States, the number of new oil drilling rigs increased by one hectare last week to its highest level since March 2015 at 862, according to energy services firm Baker Hughes.
This suggests that US crude oil production will rise more than its already high level of 10.8 million barrels per day
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