Domenica, 17 Dicembre, 2017

Oil price extends drop to 7 month lows, despite OPEC cuts

Oil prices hit seven-month lows on global oversupply Falih Statements Move Oil Prices Higher
Sveva Terracina | 22 Giugno, 2017, 20:56

USA crude futures for August were trading up 4 cents at $43.55, after spending much of the day slightly lower and falling more than 2 percent on Tuesday to the lowest since September.

If oil closes down by at least 20 percent from the peak, it would technically be in a bear market.

Exports from Nigeria, also exempt from the output cut, are expected to hit 226,000 BPD in August vs. 164,000 BPD in July, according to Reuters figures.

World oil prices slightly declined on June 21 after falling more than 3 percent on June 20 amid fears of investors over the excess supply to the market. Late last week, data showed the number of USA oil-drilling rigs increased for the twenty-second consecutive week, a record.

Make no mistake: This is officially a full-on bear market in oil. Saudi Arabia is leading an effort by the Organization of Petroleum Exporting Countries to balance the market with production cuts, though output from several members has been slow to evaporate.

The weekly falls illustrate rising concern that a concerted effort by OPEC members to cut output won't be enough to rebalance the market and crimp US production.


Libya's oil production rose more than 50,000 bbl/d to 885,000 bbl/d after the state oil company settled a dispute with Germany's Wintershall AG, a Libyan source told Reuters.

West Texas Intermediate, the USA benchmark price, has dropped more than 20 per cent from the 2017 high of US$54.45 on February 23. Crude oil continues to trade below the $45 per barrel mark, threatening to break below the crucial $43.76 support level.

Crude oil is facing selling on every small rally.

Oil prices have sunken more than 15% since OPEC members and non-OPEC members extended a production reduction deadline by nine months at the end of May. The more-active August WTI contract declined US$1.27 to US$43.16. "OPEC can not wait. They have to cut the production to lift the prices to $50". Moreover, the poor banking stocks proceed to grasp down Europe's main markets in London. A recent report from the International Energy Agency predicted next year's increase in output by non-OPEC countries will be slightly higher than the increase in global demand.

"As long as the sun will come out tomorrow (as little orphan Annie predicted), solar energy is likely to get increasingly cheaper and fuel a growing fleet of electric passenger cars", he said.

"Earnings are starting to re-accelerate", he said.

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