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Iraqi oil minister silent on output, awaiting outcome of OPEC committee meeting

04 July 2017, 01:15 | Frank Carlson

Oil rises

Oil market remains volatile

Monday marks the eighth straight day the commodity has risen, which would mark the longest win streak since 2010, according to a tweet from CNBC's Carl Quintanilla.

The negative sentiment in the oil market lingers with U.S. stocks increasing and with good news and bad news trading headline places daily. Brent Crude Oil price at London's IСE Stock Exchange up by 2.58% to $48.94 per barrel. It is however in OPEC's interest to wrap up its oil victory in price, volume produced and sold to give the desired revenue and bull market share. The increased production in the USA and an increase in the numbers of operating rigs remains the biggest of concerns for the oil bulls. For example, the combined production from Libya and Nigeria, the two OPEC members not subject to the agreed cuts, rose... from last November.

The economists comments come in the context of the Organisation for Petroleum Exporting Countries (OPEC), having previously announced that its members would cut production in order to force the price upwards. This has caused price to oscillate between US$40 and US$60 per barrel.

Crude hit a 10-month low last week as rises in output revived concerns about global oversupply but data this week showing a temporary dip in USA oil production has dented the bearish sentiment. Gartman said US technology will expand to Russia, Mexico, China the Middle East and Africa.

Bank of America Merrill Lynch forecast that USA crude oil prices would average $47 per barrel in 2017-compared to previous estimates of $52 per barrel.

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They said that data released on Friday evening from the Baker Hughes Rig Count, which counts the number of United States rigs, could reignite rising production concerns if it records an increase. The global benchmark is down about 9 percent this quarter and traded at a premium of $1.85 to WTI.

At 8:52am EDT on Thursday, WTI Crude was up 1.16 percent at US$45.26, while Brent Crude was trading up 1.18 percent at US$47.87. U.S. production has now recorded three week-on-week declines in less than two months. The drop was by two rigs and the government data indicated that crude production dropped in in April, which is the first in this year. The next largest proved oil reserves are in Saudi Arabia with 268 billion barrels and Canada with 173 billion barrels.

Against this backdrop, it makes sense to start kicking tyres, so to speak, and see if there are any companies that offer value, despite a near-term depressed oil price.

Output is 1.005 million barrels a day, according to a person with direct knowledge of the situation, who asked not to be identified because they aren't authorized to speak to the media.



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