Economy

The price of oil rose above $ 67

The price of oil rose above $ 67

Oil prices fell on Wednesday, after official data showed a larger-than-expected increase in USA crude inventories and a surprise build in gasoline stocks.

A Bloomberg survey showed USA crude inventories probably increased by three million barrels last week.

Crude oil prices slipped lower on Tuesday.

Light, sweet crude for April delivery fell 90 cents, or 1.4%, to $63.01 a barrel on the New York Mercantile Exchange.

Soaring U.S. production kept a lid on oil prices this year, even though the Organization of the Petroleum Exporting Countries and Russian Federation have reduced output.

He said that "The framework beyond 2018 is yet to be determined, but for sure from the Saudi and from the OPEC standpoint, there is a determination to translate the success of 2017 and 2018, partial as it may be, into a lasting framework that allows us to avoid instability in the oil markets".

The April contract LCOc1 settled down 85 cents, or 1.28 percent, at $65.78 a barrel ahead of expiration.

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Saudi Energy Minister Khalid al-Falih said on Saturday that the country's crude production in January to March would be well below output caps, with exports averaging less than 7 million barrels per day, according to Reuters.

Additionally, gasoline stocks are seen down by 600,000 barrels, while distillate inventories, which include heating oil and diesel fuel, were seen down 700,000 barrels. That era may be coming to an end now that USA crude oil production hit a 47-year high of 10M b/d at the end of 2017 and is forecast to surpass 11M b/d by the end of 2018, which would make the USA one of the largest crude oil producers on the planet. Analysts had expected an increase of 2.1 million barrels.

Workers hired by U.S. oil and gas company Apache Corp drill a horizontal well in the Wolfcamp Shale in west Texas Permian Basin near the town of Mertzon, Texas, U.S., October 29, 2013.

As the Organisation of Petroleum Exporting Countries works to trim output, producers are committed to bringing supply and demand into balance, United Arab Emirates Energy Minister Suhail Al Mazrouei said yesterday in Abu Dhabi. Wednesday's release showed weekly production rose again to 10.3 million bpd.

Prices resumed their downward path after that report, in which the EIA also revised its November crude production figures upward to a record 10.057 million bpd.

Prices were pressured earlier after three of the world's top consumers of crude - China, India and Japan - reported a slowdown in monthly factory activity. Mind you, the USA production now stands at highest level since the early 1970s.


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