Fawad Razaqzada, market analyst, Forex.com, said: "The lack of a positive response in oil prices clearly suggest market participants are not convinced that the OPEC's efforts will help shore up prices in a meaningful way in the short-term as shale supply continues to rise in the US". WTI futures on the New York Mercantile Exchange fell by 0.3 percent to $44.61 a barrel at 11:59 a.m.in Singapore. Data on Friday showed a record 22nd consecutive week of increases in USA oil drilling rigs.
- Reuters picLONDON, June 20 ― Oil prices steadied just above seven-month lows today after news of increases in supply, a trend which has undermined attempts by Opec and other producers to support the market through reduced output.
Oil headed for the longest run of weekly losses since August 2015 as US crude stockpiles remain stubbornly high and as Libyan production climbs toward the most in four years.
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Oil prices have been on a downward trend for nearly a month since the Organization of the Petroleum Exporting Countries and big-producer allies made a decision to extend an agreement that holds back almost 2% of the global crude supply. Total volume traded was about 5 percent below the 100-day average. They declined 54 cents or 1.2 per cent in the previous session, to settle at $44.20 per barrel, the lowest close since November 14.
"Our first outlook for 2018 makes sobering reading for those producers looking to restrain supply", the IEA said in its monthly oil market report. Meanwhile, global demand for crude will only jump by 1.4 million barrels a day, led by economic expansion in China and India. With a quota of 4.35 million barrels per day, it produced 4.42 million bpd in May, but capacity could reach 5 million bpd by the end of this year as investment resumes at the Zubair, West Qurna 1 and Halfaya fields, along with the Abu Dhabi-owned Taqa's Atrush field in the autonomous Kurdish region starts up.
OPEC tried to lower production and creates oil shortage globally, helping oil prices go up.
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Traders noted the Brent front-month contract was at the highest premium since late May over the same WTI contract. US shale-oil drillers, who aren't a part of the output agreement, have been cited as the main culprit, disrupting OPEC's efforts to stabilize oil prices. She also said that when weighing the potential of parties to the output-cut deal holding up their ends of the bargain, smaller producers-and likely cheaters-such as Venezuela don't have the resources to boost output near-term due to a lack of fresh capital.
Saudi Arabia's Minister of Energy, Khalid al-Falih on Monday said the oil market was heading in the right direction but still needed time to rebalance.
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