WTI falls back as DoE reveals rise in weekly United States oil output

WTI falls back as DoE reveals rise in weekly United States oil output

WTI falls back as DoE reveals rise in weekly United States oil output

Including emergency reserves, crude stocks were at 1.15 billion bbl, the lowest levels since October 2015, according to EIA data.

On the New York Mercantile Exchange, light sweet crude futures for delivery in September CLU7, -0.36% gained 11 cents, or 0.2%, to $46.89.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 678,000 barrels, EIA said. Inventories dropped by 9.2-million barrels last week, the American Petroleum Institute (API) was said to report. Brent Crude Oil price at London's IСE Stock Exchange down by 1.08% to $50.52 per barrel.

Oil futures rebounded some in Asian trading after fresh USA selling overnight as weekly output neared 2015's peak last week.

The draw compares to analyst expectations of a draw of 3.6 million barrels for the week ending August 11.

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The agency also said distillate stockpiles, which include diesel and heating oil, rose by 702,000 barrels, as opposed to expectations for a drop of 572,000 barrels.

Brent crude oil futures fell 0.53 dollar or 1.04 percent to close at USD 50.27 a barrel at NYMEX. Crude oil exports also rose, jumping to 877,000 bpd from 707,000 bpd. OPEC won't clear the global glut any time soon since any increase in price continues to bolster rival production from US shale, according to the International Energy Agency. Improving fuel efficiency and increased adoption of EVs in the USA will be largely responsible for the trend.

Imports averaged more than 8.1m barrels per day during the reference week, up by 364,000 barrels per day from the previous week.

The US dollar rallied significantly during the Tuesday session against the Canadian dollar, as we continue to see bearish pressure on the oil markets.

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