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Sharp oil price losses following OPEC report

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rocky
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Sharp oil price losses following OPEC report

Post by rocky on Wed 11 Jul 2018, 3:24 pm

Sharp oil price losses following OPEC report






2018/07/11 19:23


(Encyclopedia of this Day News | Iraq News ) - Direct: Oil prices saw sharp losses during trading on Wednesday, following thedisclosure of the monthly report of OPEC with the return Allliba production to the market.

The report of the Organization of Petroleum Exporting Countries for the month of June increased the production of the Organization's 15 member countries by 173.4 thousand barrels per day to reach 32.327 million barrels per day led by Saudi Arabia.

The organization also raised its estimate of the growth of supply from outside this year and next to reach 59.54 million barrels per day and 61.64 million barrels per day, respectively.

On the other hand, the US Energy Information Administration disclosed a sharp fall in US oil inventories during the week ending July 6.

US crude production continues to stabilize at record levels of 10.90 million bpd for the fourth consecutive week.

The National Oil Corporation of Libya announced today the lifting of the status of force majeure on 4 ports with an emphasis on the resumption of oil production and exports at normal levels later in the day.

By 3:36 pm GMT, the price of Brent crude for September delivery fell more than 3% to $ 76.46 a barrel.

US Nymex crude futures for August delivery fell 2.2% to $ 72.48 a barrel.



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