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Oil edges lower as US crude inventories fall less than expected

Oil edges lower as US crude inventories fall less than expected

The decline was mainly due to the surprise build in USA gasoline stockpiles that point to weaker-than-expected demand at a time when consumption of gasoline usually rises.

Oil prices fell in thin trade on Tuesday after the Easter holiday break shut many markets for as long as four days and as a USA government report indicated rising production.

The Organization of the Petroleum Exporting Countries (OPEC), of which Saudi Arabia is the de-facto leader, together with other producers like Russian Federation have agreed to cut output by nearly 1.8 million barrels per day (bpd) during the first half of the year to rein in a global fuel supply overhang and prop up prices.

Reports from Reuters said that as of Thursday last week, brent Crude futures settled up 3 cents at $55.89 a barrel while U.S. West Texas Intermediate crude futures rose 7 cents a barrel to $53.18.

Saudi Arabia's oil export in February 2017 has decreased to the lowest level since May 2015, according to the data of the Joint Organizations Data Initiative (JODI).

Oil prices fell in thin trade on Tuesday after the Easter holiday break shut many markets for as long as four days and as a USA government report indicated rising production.

Canada's ambassador: Trump is wrong when he says dairy practices unfair
She is calling for the eradication of the current supply management system. He attached a February 17 report from the U.S. A request for comment to the U.S.

May output was expected to rise by 123 000 barrels per day to 5,19-million barrels per day, according to the US Energy Information Administration's drilling productivity report. U.S. production rose to 9.252 million barrels a day in the most recent week, the highest since August 2015.

Arabiya TV quoted Saudi Energy Minister Khalid al-Falih as saying on April 17 that the level of compliance among OPEC and non-OPEC oil producers with a global deal to cut output is very good. Russian Federation and 10 other non-OPEC producers agreed to cut half as much.The accord has lifted oil prices, which are near $55 a barrel.

Commercial crude oil inventories in the States on the other hand also fell, shrinking by 1.0m barrels to reach 532.3m barrels. The increase in exports increased concerns over excess global supply and could also undermine potential crude demand over the next few months, especially if China is forced to curb output.

"The U.S. has increased production by about 600,000 barrels a day since the OPEC agreement, mitigating their cuts". This week, U.S. President Donald Trump ordered a review of whether the lifting of sanctions against Iran was in the United States' national interests.

Traders may be standing still in early trading to wait for official USA data on supply and data before pushing the markets in either direction.


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