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Oil Traders Grapple With US Crude Conundrum

25 Août 2017

The U.S. West Texas Intermediate crude October contract was at $48.30 a barrel by 3:10AM ET (0710GMT), down 11 cents, or around 0.2%.

With U.S. crude oil production on the rise, it's clear the production agreement from OPEC hasn't worked as intended, an economist in Texas said. The latest government data showed production at the highest level since July 2015, even as crude stockpiles turned lower for an eighth straight week, according to Energy Information Administration data.

Harvey, formerly a tropical storm, has regenerated into a tropical depression and could strengthen further into a hurricane on Friday, the National Hurricane Center said.

Beyond the weather, traders said declines in US commercial crude storage levels were a sign of a gradually tightening market, although another rise in output held the market back.

Futures have dropped 4.8% this month in NY as investors focus on rising output from producers such as the USA and Libya as the Organization of Petroleum Exporting Countries and its allies work to reduce output.

Oil Traders Grapple With US Crude Conundrum
Oil Traders Grapple With US Crude Conundrum

US crude oil inventories have fallen for eight consecutive weeks to the lowest level since the beginning of a year ago.

The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has fallen 28.2% YTD.

Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London dipped 8 cents to $52.49 a barrel.

Futures in NY gained 1.2 percent after the Energy Information Administration said America's crude inventories shrank for an eighth straight week, with gasoline supplies also falling.

"Operators in the area are already closing down platforms and evacuating workers as a precaution", said Sukrit Vijayakar, director of energy consultancy Trifecta.

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Oil Traders Grapple With US Crude Conundrum