Oil prices decline amid rising output

Crude Oil Prices Swing on Supply Concerns July Support Remains

Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help to compensate for an anticipated shortfall in Iranian crude supplies once U.S. sanctions come into force later this year.

South Korea's imports of US crude jumped more than fourfold to 14.1 million barrels in the first half of the year from a year ago, according to data from state-run Korea National Oil Corp.

At 1010 GMT, the October ICE Brent crude futures contract was down 10 cents from Thursday's settle at $73.45/b, while the NYMEX WTI September contract edged down 3 cents to $68.93/b.

Oil prices traded slightly higher on Thursday, reversing course after a report suggested crude stockpiles at the US storage hub at Cushing, Oklahoma fell in the latest week.

The increase in American oil shipments follows the world's fifth-largest oil importer halting Iran crude loadings from July, ahead of USA sanctions, while its refiners are also seeking cheaper alternatives to Iraq's Basra crude. That's an average monthly intake of 2.35 million barrels of USA crude. Additionally, he said, USA monthly figures for production fell in May, suggesting that output may be curbed later in the year, he said.

Crude palm oil prices went up by 0.27 per cent to Rs 590.50 per 10 kg in futures trade today as speculators widened their positions amid firm demand at the spot market.

Trump campaigns for Ron DeSantis (and himself) in Tampa
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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.

The weekly estimates for May all point to more than 10.7 million bpd of crude oil production, but the more accurate-albeit lagged-data, based on survey of producers, shows that US oil output had trailed projections by around 300,000 bpd.

There were also factors holding oil markets in check.

Crude prices remained supported by the prospect of an Iranian supply squeeze following the imposition of United States oil sanctions, with yesterday's rally stymied by short-term bearish supply factors that continue to weigh on prices.

Worries about the possible loss of Iranian supply are being somewhat offset by concerns that global trade tensions could slow economic growth and crimp energy demand.

The kingdom has been under acute pressure from President Donald Trump to open the taps as he chokes off exports from Saudi's political rival, Iran. "This primary USA oil hub's inventory now sits at the lowest levels since 2014", he said. "This could severely dent the competitiveness of USA oil and derivatives in the Chinese market", said Abhishek Kumar, senior energy analyst at Interfax Energy. However, low stocks were still providing a floor as even with last week's rise, overall U.S. crude inventories are below the five-year average of about 420-million barrels.

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