The rise in U.S. crude oil stocks as reported Wednesday by the U.S. Department of Energy is pressuring prices while traders watch the weekly rig-count from oil-field services firm Baker Hughes later today. WTI Crude is $65.77; Brent is $72.07 this morning.
Weekly U.S. inventory, as reported by the EIA (Energy Information Administration), has been the main driver of oil prices over the past 24-hours. Inventories rose more than expected on Tuesday which pushed both Brent and WTI lower. WTI Crude is $65.15; Brent is $71.13 this morning.
Recovery of the oil industry is attracting some best-known billionaires in money management, say experts. Globally the energy industry has extended a rebound from the worst crude crash in a generation as U.S. oil prices touched a greater than three-year high in July. WTI Crude is $66.37; Brent is $72.04 this morning.
Output from non-OPEC countries, particularly the U.S. is rising quickly, limiting demand for OPEC oil. Countries outside the OPEC cartel expect supply to increase by 2.13 million bpd next year, and much of the increase is coming from new U.S. shale production. U.S. oil output from shale is expected to rise 93,000 bpd in September to 7.52 million bpd said the U.S. Energy Information Administration. WTI Crude is $68.05; Brent is $73.58 this morning.
OPEC agreed in June to increase output by 1 million barrels a day, in a bid to prevent rallies in crude prices. Saudi Arabia reported its monthly crude production slipped by 201,000 barrels a day in July; lower than the 10.387 million figure secondary sources compiled by OPEC. WTI Crude is $67.35; Brent is $72.78 this morning.
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