Crude oil futures edge higher as focus shifts to USA inventories - Oil

Oil falls on OPEC's announced output rise, but markets to remain tight

Oil falls on OPEC's announced output rise

Brent crude futures fell $1.16 to $74.39 a barrel while US light crude was up 16 cents at $68.74 a barrel, supported in part by a Canadian supply outage. Nevertheless, consumer's voice led OPEC to boost output, they said.

This would translate into 900,000 barrels per day (bpd) incremental production, which is significantly lower than the initial expectation of 1.5 million bpd.

Brent crude futures, the worldwide benchmark for oil prices, were at $74.27 per barrel at 0402 GMT, down 1.7 percent from their last close. Saudi Arabia's Energy Minister Khalid al Falih announced that the cartel's output would be increased by about a million barrels a day beginning in July. The AAA, NPR reports, is actually upbeat about gas prices, expecting the beneficial effect of higher OPEC and Russian Federation production to make itself visible some time later, when the production increase actually starts.

Iran said it didn't believe buyers of its oil would get waivers from the USA government after Trump's renewal of sanctions.

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Losses in USA crude prices were limited by the likelihood that an outage at Syncrude Canada's 360,000 bpd oil sands facility would last through July.

The most dramatic events in the oil market last week occurred in North America as opposed to OPEC's get-together in Europe, according to Goldman Sachs Group Inc.

Traders said prices were mostly driven up by uncertainty around oil exports by Libya, a member of the Organization of the Petroleum Exporting Countries (Opec).

The head of Saudi oil giant Aramco said it has spare capacity of 2 million bpd and can meet additional demand in case of supply interruptions.

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He said OPEC had transformed and that was why the organisation remained a strong voice in the global energy industry.

Pradhan, who spoke at an OPEC seminar in Vienna ahead of the meeting of oil ministers of the association on Friday, said there should be production assurance by OPEC countries.

Stating that current high oil prices dent the economic development of many countries, he had stated that already fragile world economic growth will be at threat if oil prices persist at these levels. We believe that the investors have over-reacted to the move, which has resulted in a rise in oil prices. Whether all this politicking will bring a stable reduction in global oil prices remains to be seen.

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