Oil settles up before API reports surprise USA crude build

Oil lifts before surprise US crude build

Two OPEC members not included in the deal also have recently seen increases in production: Libya's output has reached almost 800,000 b/d, a level not seen since 2014, and Nigeria has announced the lifting of force majeure for Forcados exports, potentially making available to the market more than 200,00 b/d.

A day after OPEC complained that increased output in the U.S. was slowing efforts to rebalance supply and demand in the oil market, the IEA also suggested that the dynamism of United States producers could prove a headache for exporters.

The figures added to market pressure after a report from the American Petroleum Institute that estimated domestic crude stocks rose by a more-than-expected 2.8 million barrels in the week ending June 9.

In its monthly assessment of the market, the agency said global crude inventories were 292m barrels higher than the five-year average.

"The market tightening intended by OPEC has thus failed to materialize", Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said in a report.

US shale production will surge to a record in July, the EIA projects.

OPEC stated, "The rebalancing of the market is under way, but at a slower pace, given the changes in fundamentals since December, especially the shift in US supply from an expected contraction to positive growth".

Sinn Fein's Adams says will not take up seats in Britain's parliament
The SDLP and UUP lost all their seats, with Michelle Gildernew toppling the UUP's Tom Elliot in Fermanagh South Tyrone. Sinn Féin was the other the big victor , with the party poised to wrest the Foyle seat off the SDLP MP Mark Durkan.

WTI was trading up 0.8% at $46.45 per barrel at 3:11pm EST-more than $1.50 per barrel lower than a week ago-with Brent trading at $48.74, compared to $50.05 per barrel last week.

As a result, despite the Opec deal, oil stocks might not fall to the cartel's desired level "until close to the expiry of the agreement in March 2018", the agency said.

Qatar crisis will have a very little impact on global oil prices as the country is not a major producer of Oil. The Fed also announced it would begin cutting its holdings of bonds and other securities this year.

Last month Opec extended a six-month agreement to curb production by a further nine months to attempt to bring inventories down to nearer average levels and support oil prices.

Iraq, which had been the No. 2 seller to India for years, was able to overtake the Saudis as Indian refiners have implemented plant upgrades over the past couple of years, enabling them to process crude with a higher sulfur content. He said at OPEC's meeting in late May that there would be a "marked" decrease in the kingdom's shipments to the U.S.

Shale supply has pushed US crude production up by about 10 per cent over the previous year to 9.3 million bpd - not far below the output of top exporter Saudi Arabia.

US crude imports fell last week by 481,000 barrels per day.

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