Crude Oil Price Steady Following Inventory Report

Oil prices fall amid surprise growth in U.S. crude stocks

The last time OPEC and its partners met, in Vienna in June, they were on the receiving end of a thunderous tweet from US President Donald Trump, warning from across the Atlantic not to let oil prices rise too high.

On Thursday, Trump linked American support for Middle Eastern countries to oil prices as he again urged OPEC to lower prices.

Oil prices have increased from about $50 a barrel last September to more than $70 a barrel today, with a rebalancing of supply and demand in the market as well as major weather and geopolitical events playing a part. Please read our before commenting.

Brent crude oil was unchanged at $79.40 a barrel by 0910 GMT, stabilising a little below the $80 mark. USA refineries produced about 10.3 million barrels of gasoline a day last week, down by 100,000 barrels compared with the prior week. A few days back, the EIA predicted that the USA crude oil production was 10.9 Million bpd for August, which was increased by 120,000 bpd from June.

The market's expectation was a draw of 2.7 million barrels in crude oil inventories.

Weekly crude production inched back to 11 million bpd, the record high it has been hovering around this summer.

The North Sea benchmark has been trading below $80 for the past week after conflicting reports of the market views of Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries (OPEC).

Iran gradually increased its oil exports in 2016 and 2017 after its nuclear deal with world powers was implemented in January 2016 and its oil (including gas condensate) export revenues increased by 45% year-on-year in 2017, higher than the OPEC's average.

Mostly, however, it's the uncertainty over how easily other producers can compensate for any lost supply.

The strategist also said that he expected this trend to continue for at least the next 6 weeks until the second round of U.S. sanctions take effect in November.

Reuters reported that traders and investors have loaded up on bullish Brent oil bets this week, after signals that Saudi Arabia is in no rush to increase production, even with the price near United States dollars 80 and as buyers grow uneasy over the impact of U.S. sanctions on Iranian supply.

The weekend gathering will discuss how to share the previously agreed output increase and examine whether the market needs more oil to offset the loss of Iranian supply as well as a decline in Venezuelan output, the sources said.

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