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Oil falls as rising OPEC production exceeds the U.S. decline



Oil prices eased on Monday after rising for seven consecutive sessions.



03.Jul.17 6:15 AM
By Daria Zaytseva
Photo Toinnov.com

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Oil falls as rising OPEC production exceeds the U.S. decline

Futures on Brent crude fell 13 cents on the day at around $48.64 per barrel, with the session high to the $49.15. Price last week increased by 5.2% for the first weekly gain in six weeks. U.S. crude futures fell 4 cents to $46.00 a barrel.

Drilling activity for new oil production in the United States fell for the first time since January, dropping by two rigs, while U.S. government data showed that this issue fell for the first time in April.

The decline in U.S. drilling rigs and U.S. Energy Information Administration figures showing the volume of production fell by 24 000 barrels per day on a monthly basis.

This year the oil price is still dropped 14 percent, as strong global demand has not been enough to meet the growing production from the United States, Nigeria, Libya and other places, such as Brazil and the North sea.

Oil markets remain oversupplied because the volume of production of the OPEC reached a high of 2017.

According to a Reuters survey, in June the OPEC production increased by 280,000 barrels per day, at the level 32,72 million barrels a day, despite the promise of the group to contain the output.

Last week, money managers added to their bets against a sustained rise in the oil price. U.S. data showed investors increased short holdings of crude futures and options to close at their highest in a year.




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