Brent Crude Oil Price Falters at $80, Downside Back In Focus
Brent Crude Oil Price Falters at $80, Downside Back In Focus
Latin America Energy, Oil and Gas, News and Information
26 May, 2018, 01:32
Oil benchmarks fell on Wednesday after an unexpected build in US crude and gasoline inventories despite strong demand, and as traders weighed a possible increase in OPEC crude output to cover any shortfalls in supply from Iran and Venezuela.
July futures for Brent oil at the London ICE Futures exchange to 8:08 Moscow time has fallen in price on $0,14 (0,18%) to $78,65 per barrel.
Crude imports were up by 558,000 Bbls and refiners produced less distillate fuel, which includes diesel and heating oil.
Meanwhile, on Wednesday, Charles Schumer, U.S. senate democratic leader, held a news conference at a Washington Exxon station to criticize Trump for gasoline prices jumping 25 percent since the brash billionaire took office a year ago. "But if Iran and Venezuela will reduce the supply of likely oil will need more that the price of oil rose even more", - he said "Interfax" on the sidelines of the St. Petersburg global economic forum (SPIEF-2018).
WTI crude CLc1 futures were down 27 cents, or 0.38 percent, at $71.57 a barrel.
Petrol and diesel have surged on the back of rallying global markets for crude oil, amid ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
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The energy sector and oil prices pulled backed after Saudi Arabian oil minister Khalid al-Falih on Friday said he would enter into discussions in June with other OPEC members and external producers such as Russian Federation to relax the output caps, the Wall Street Journal reports. With Memorial Day Weekend and summer driving season coming up, we were expecting a draw.
Brent oil has averaged $69.37 a barrel since January. OPEC agreed to slash the output by 1.2 million barrels per day from January 1. At the end of the previous trading session it increased by 0.1% compared to the closing of 485 yuan per barrel.
Meanwhile, refinery runs fell 7,000 bpd to 16.63 million bpd, a full 3.8 percent below the same week a year ago, according to the EIA data. Over the past 12 months, Exxon stock has traded down about 1.5%.
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