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Global overcapacity drags oil prices down to six-month lows

23 Juin 2017

U.S. West Texas Intermediate (WTI) crude futures were at $44.85 per barrel, up 39 cents.

Libya, exempt from the OPEC-led deal to cut supply, will boost output to 1 MMbpd by the end of July, according to the country's National Oil Co.

US crude production has been steadily growing and last week rose to 9.33 million bpd, up 12,000 from the previous week, the EIA said.

OPEC's pledge was to cut some 1.2 million bpd, while other producers including Russian Federation agreed to bring the total reduction to nearly 1.8 million bpd.

"Where oil prices go will be determined by the flow of inventory data", said Greg McKenna, chief market strategist at Australian futures brokerage AxiTrader.

That was the lowest close for Brent since November 29, the day before OPEC agreed to cut output.

Crude oil prices continue to get pressured as figures of oil and gasoline stockpiles continues to inflate last week.

Crude output from OPEC nations rose by 290,000 bpd in May to a 2017 high of 32.08 million barrels per day, according to the EIA.

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Brent and WTI are down some 12 percent since their opens on May 25, when the agreement to cut was extended to the end of the first quarter next year, instead of expiring this month as initially planned.

Gasoline stocks rose 2.1 million barrels, or 0.9 percent, to 242.4 million barrels, for the week ending June 9, Energy Information Administration (EIA) data showed.

Add in Russia's tanker shipments and its total exports are likely above 9 million bpd.

Importantly, the IEA expected the increase in non-OPEC supply next year to be higher than the growth in overall global demand.

Oil prices edged up from 2017 lows on Friday but an ongoing supply excess put them on track for their fourth consecutive week of losses despite OPEC-led production cuts to support the crude market.

In Nigeria, production was up more than 174,000 bpd to 1.68 million bpd as supplies sidelined by militant attacks on energy infrastructure previous year came back into operation.

With (Other OTC: WWTH - news) regard to the global economic outlook for 2017, stronger-than-anticipated momentum since the beginning of the year led to an upwards revision in the growth forecast to 3.4 percent following growth of 3.1 percent in 2016, OPEC said.