Oil price extends drop to 7 month lows, despite OPEC cuts
Oil price extends drop to 7 month lows, despite OPEC cuts
Oil prices hold near multi-month lows
21 Jun 2017- 12:20
29 June, 2017, 09:09
USA crude futures for August were trading down 3 cents at $43.48. Exports of Nigeria's Bonny Light crude are set to reach 226,000 bpd in August, up from 164,000 bpd in July, loading programmers show. This, combined with the hostile political climate in North Africa and West Asia has threatened exports, causing the supply glut.
While Saudi Arabia has reduced output, Nigeria and Libya are pumping more to the market.
The American Petroleum Institute said on Tuesday U.S. crude stockpiles had dropped more than forecast.
Despite the fact that OPEC countries and other oil-producing countries have been cutting production since January, investors still believe that their agreement is ineffective.
Just a week has passed since an OPEC official last aired the possibility of deeper cuts, and comments on steeper reductions are resurfacing from the cartel, just a day after oil prices hit a new low this year and the lowest in at least seven months.
For july delivery West Texas Intermediate, on Tuesday it will expires, exchange at 1:37PM in London was down $1.14 to $43.06/bbl on the New York Mercantile which is lowest since November 14.
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Todd Gordon, founder of TradingAnalysis.com had previously correctly predicted that crude oil will fall to $26 per barrel - a target reached in February of past year.
Several oil ETFs were trading 3-7 percent lower in Tuesday's pre-market session on the news, including United States Oil Fund LP (ETF) (NYSE: USO), which fell to its lowest since February 16, 2016.
The January implementation of an agreement led by the Organization of Petroleum Exporting Countries, with help from key producers like Russian Federation, helped establish a floor under crude oil prices of around $50 per barrel during most of the first half of the year. The EIA today, however, offered a tiny sliver of hope by reporting a 2.5-million-barrel draw in crude oil inventories.
The Iranian minister spoke highly of OPEC's performance in arriving at a consensus to cut output and help prop up prices.
Iranian Oil Minister Bijan Namdar Zanganeh has blamed an increase in the US oil production for the plunge in global prices of crude oil.
"Now we're in the process of the market playing chicken with OPEC and non-OPEC", said John Kilduff, founding partner at energy hedge fund Again Capital.
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