Crude oil futures up 0.76% on overseas cues

Eileen GuzmanJun 06, 2018

In order to deal with this situation, OPEC members will be meeting on June 22 to determine the crude oil output.

US crude production climbed in March to 10.47 million barrels per day (bpd), a monthly record, data from the Energy Information Administration showed last week. Iran's crude oil output could fall 1 million bpd as a result of renewed US sanctions, according to a note from Standard Chartered.

While US lawmakers have habitually criticized the Organization of Petroleum Exporting Countries at times of high oil prices, and the government has on occasion encouraged the cartel to pump more, it's unusual for Washington to ask for a specific output hike, the same people said, asking not to be named discussing private conversations.

The ministers also "emphasised the need for healthy market conditions that stimulate adequate investments in the energy sector, in order to ensure stable oil supplies are made available in a timely manner to meet growing demand and offset declines in some parts of the world", the statement added.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1 million barrels, API said.

"Looks like Opec is at it again", Trump wrote in mid-April in a post on Twitter.

Recall, the International Monetary Fund forecasts growth in oil prices in 2018. "No good and will not be accepted!"

Prices of the barrel of the American benchmark for the sweet light crude oil are retreating for the fourth session in a row on Tuesday, while keeping the negative performance for the third consecutive week so far.

Any increase in production by Russian Federation and Saudi Arabia, according to Meyer, would likely meet with an increase in exports by the United States which, with its production of shale oil, is expected to overtake Russian Federation as the world's biggest oil producer.

Saudi Arabia - the effective leader of Opec - and Russian Federation have discussed boosting output to compensate for supply losses from Venezuela and to address concerns about the effect of United States sanctions on Iranian output.

"A sea of red is washing over the energy complex as rising US production coupled with a looming relaxation in OPEC-led cuts sends bulls scurrying for the exits", said Stephen Brennock, analyst at London brokerage PVM Oil Associates.

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