World oil prices rising slightly

World oil prices rising slightly

Oil steadied on Tuesday after nearly a week of sharp falls, but the outlook remained weak amid oversupply and several banks cut their price forecasts. Crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest U.S. oil-storage hub, probably dropped by 1.4 million barrels last week, according to a forecast compiled by Bloomberg.

Oil prices surged nearly 2% on Tuesday along with rising gasoline and heating oil futures after a report showed European product stockpiles fell despite an increase in refinery crude runs.

World benchmark North Sea Brent crude futures ended last week at US$46.71 a barrel, having hit a post-deal low below $45 a barrel two weeks ago, or around last year's average. Nigeria and Libya were exempt from the production cut deal at OPEC's meeting on May 25, 2017, due to internal political unrest. Increases from Libya and Nigeria are also diluting the impact of supply curbs.

West Texas Intermediate crude oil for August delivery traded down about 1% at $43.95 early Tuesday morning. To make matters worse, the supply of oil has dropped by about 0.7 million barrels a day is expected to make a serious spike in the prices of oil by the end of fourth quarter of this year.




The committee stated that based on the report of the Joint OPEC-Non-OPEC Technical Committee for the month of April 2017, OPEC and participating non-OPEC producing countries have shown steady and convincing progress towards full conformity with their respective adjustments in production.

The countries have boosted oil production since they were excused from the global cuts.

However, it was observed that both countries have boosted production which puts a heavy weight on prices worldwide and this triggered the goal of including them in the talks.

USA explorers put more rigs to work drilling for oil in the US last week, reversing a one-week decline and reinforcing fears that Opec won't be successful in its efforts to ease a global oversupply. It's premature to talk about that option, OPEC Secretary-General Mohammad Barkindo said in Istanbul. Producers have reportedly begun to consider asking the two nations to limit their output.

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