Oil Rallies 3 Percent As US Shale Shows Signs Of Slowdown

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Oil Rallies 3 Percent As US Shale Shows Signs Of Slowdown

In the July STEO, the Permian region is expected to produce 2.9 million b/d of crude oil by the end of 2018, about 0.5 million b/d more than the estimated June 2017 production level, representing almost 30% of total USA crude oil production in 2018.

Brent crude futures were up.86 percent as of 11:04 a.m. HK/SIN, to $50.63 per barrel. U.S. West Texas Intermediate futures rose $1.55 or 3.3 percent to settle at $47.89 a barrel, the highest close for that benchmark since early June. In the prior week, US oil stockpiles dropped sharply but production rose to the highest level since late July 2015. According to the Credit Suisse, there are many countries in the world who have little demand for the oil and they make it hard to cut down the USA stocks. This sharp decline in stockpiles far surpassed analyst expectations of a 2.6 million barrel decline.

The oil producers group which is commanded by Saudi Arabia has cut production by 1.8 billion barrels a day through the month of March in an attempt to lower the global crude supplies to the five-year average. Both benchmarks rose more than 2 dollars after the data in post-settlement trading.

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