Oil prices looking for support as WTI tests back below $68
06 August, 2018, 11:33 | Author: Shawna Walton
With WTI crude barrels falling back beneath 68.00, buyers will be looking to halt any further declines into the last swing low at the 67.00 level in hopes of propping prices back over last week's high of 70.40 with eyes on the year's current highs of 75.35, while bears will be looking to drive the action further down into mid-June's lows at 63.50.
Oil traders were caught long and wrong by the surprising increase in OPEC production and more significant than expected US Crude inventory builds.
Saudi Arabia's production increased by 230,000 barrels a day in July to 10.65 million barrels per day. Brent crude futures LCOc1 settled at $73.21 per barrel, down 24 cents from their last close.
The kingdom's higher supply, along with that from Nigeria and Iraq, pushed up OPEC's total output by 300,000 barrels a day last month.
Over the past four weeks, refinery inputs averaged 17.41 million barrels per day which was 1.4 percent higher than the same four-week period of previous year.
Futures fell for the third day in NY, losing as much as 1.1 per cent to hit their lowest level since June 22, but USA government's data showed a surprise gain in nationwide stockpiles on Wednesday.
A supertanker arriving South Korea in October for SK Energy hold 500,000 barrels of Mars crude, along with other grades such as West Texas Intermediate (WTI) Midland, the sources said, while GS Caltex bought 2 million barrels of Mars.
An increase in total imports was driven by a $1.2 billion surge for crude oil in June.
"Under different scenarios, Iranian supplies could drop as much as 0.8 million barrels per day".
To be sure, production jumped from a year ago-by 13.3 percent from the 9.217 million bpd production in May last year.
USA stockpiles have been in the spotlight because they rose unexpectedly last week, stoking fears that the market is becoming oversupplied. Over the past four weeks, motor gasoline supplied averaged 9.68 million barrels per day, down by 0.9 percent from the same period a year ago.
The West Texas Intermediate (WTI) for September delivery lost 1.10 USA dollars to settle at 67.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 1.82 dollars to close at 72.39 dollars a barrel on the London ICE Futures Exchange.
Initially, the OPEC+ members agreed on a combined cut of 1.8 million bpd but lower production by a number of countries in fact made the cuts deeper, raising fears of global oil shortages and a potential spike in the oil prices as a result.
Oil prices went down on Wednesday after official data showed that US crude oil inventories increased despite the fact that the analysts were expecting a draw.
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