Oil falls as expected United States fuel-supply gain counters crude drop

Oil traded near its lowest close in a month as investors weighed the outlook for shrinking USA crude stockpiles against forecasts for increasing fuel supplies.

Alongside with Iran and Nigeria, Libya was exempt from the OPEC oil output cut deal reached in late 2016 in Vienna.

The better question, though-the one really worth discussing-is this: how long will it take before this market intervention is finally able to eat away at the global glut of oil that precipitated the crude price collapse?

Crude oil futures plunged to their lowest settlement since late November ahead of data on U.S. crude oil stockpiles. Libya is pumping oil at the highest rate since December 2014, Mustafa Sanalla, chairman of the National Oil Corp., said.

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Brent for July settlement fell 53 cents, or 1 percent, to $51.52 a barrel on the London-based ICE Futures Europe exchange.

OPEC agreed to slash the output by 1.2 million barrels per day from January 1, with top exporter Saudi Arabia cutting as much as 486,000 bpd.

USA crude oil prices declined just under 1 per cent to US$48.40 per barrel on Tuesday on higher output in the United States, Canada and Libya.

“Prices rose earlier because Russian Federation production was said to have declined to near the level they promised in the OPEC accord”, John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by telephone.

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In addition, US crude output C-OUT-T-EIA is at its highest since August 2015, while the Syncrude Canada oil sands project has started shipping crude from its Mildred Lake upgrader again after cutting production due to a fire in March.

Dubai- Saudi Arabia’s energy minister Khaled al-Falih said there is a present consensus within Central Asian countries on managing oil markets and production levels.

The rapid recovery in USA output is one of the factors making market rebalancing slower than OPEC anticipated.

A private survey showed that China’s manufacturing sector growth slowed down last month, further impacting oil prices.

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BP Plc BP.L Chief Financial Officer Brian Gilvary told Reuters on Tuesday that oil inventories would keep falling this year. “Moreover, we are also seeing numbers from industry stating that crude in floating storage has fallen by over 40 mb since the beginning of the year”. Traders said that Friday’s rises came on the back of OPEC saying it was keen to find a deal that would ensure a drawdown of excess fuel supplies. After prices test the 46, level the next level of target support is seen near the August lows near 44.60.

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