Oil steadies to trade higher after losses

Oil steadies to trade higher after losses

Brent crude futures LCOc1 settled up $1.06, or 1.5 percent at $73.45 a barrel.

USA crude futures slumped last month by the most in two years, and traded just below $68 a barrel on Wednesday on the New York Mercantile Exchange.

Prices had tumbled to a six-week. Crude oil production is now expected to average 11.8 million bpd in 2019.

Meanwhile, according to EIA, U.S. crude oil production was 10.9 million barrels per day which was 100,000 barrels per day lower than the previous week.

Oil prices went down on Friday amid rising supplies from countries including Russian Federation and Saudi Arabia.

Prices of the barrel of the West Texas Intermediate are trading on a soft note today after the EIA reported the United States crude oil inventories went up by 3.803 million barrels during the week ended on July 27, more than initial forecasts suggested.

Concerns about demand from China also increased Friday as state oil major Sinopec cut its purchases of US crude.

US crude inventories rose 3.8 million barrels last week as imports jumped, the government's Energy Information Administration said.

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OPEC's overall output jumped by 300,000 barrels a day last month, according to a Bloomberg survey, as the cartel offset losses from an economic collapse in Venezuela, political clashes in Libya and an expectation that Iranian exports will drop due to USA sanctions.

Oil traders were caught long and wrong by the surprising increase in OPEC production and more significant than expected US Crude inventory builds.

There were some bullish elements in the report, notably gasoline stocks declining by 2.5 million barrels.

A survey showed that the Organisation of Petroleum Exporting Countries (OPEC's) crude output increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met.

Net U.S. crude imports rose last week by 1.4 million barrels per day. Mr Novak said that higher production was due to the need to maintain the market's stability.

Total products supplied over the last four-week period averaged 20.87 million barrels per day, up by 0.6 percent from the same period a year ago.

It produced about 11.21 million barrels per day, an increase of 140,000 from a month earlier, according to Bloomberg calculations based on the ministry's data.

A higher crude output from the Saudis, along with Nigeria and Iraq, pushed up total production from the Organisation of Petroleum Exporting Countries by 300,000bpd, offsetting losses from a spiraling economic collapse in Venezuela, political clashes in Libya and the onset of USA sanctions against Iran.

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