Oil prices extend losses after JPMorgan cuts forecast

Oil prices extend losses after JPMorgan cuts forecast

"OPEC supply changes remain the biggest uncertainties in the market", said Xi Jianrui, senior crude analyst with oil consultancy JLC said.

The Organization of the Petroleum Exporting Countries meets in Vienna on June 22 to decide whether the group and non-OPEC producers, including Russian Federation, should raise output to make up for any supply shortfall from Iran and Venezuela.

EIA also said USA crude output hit a record of 10.8 million barrels a day in the week. The market is very different from just a few months ago, now that Opec and its partners have reached their goal of bringing OECD stocks back to the five-year average and crude prices are at a 42-month high. It also follows Washington's decision to re-impose sanctions on Iran's crude exports, which could disrupt global oil supply. There have been reports that Saudi Arabia and Russian Federation will loosen production quotas and may pump up to an additional 1 million barrels a day now that the world's supply of oil has reached essential parity with world demand. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.

Oil prices edged lower Friday, giving up some ground as investors continued to bet on increased supply despite concerns over output from Venezuela and Iran. Analysts had expected a drawdown of about 2 million barrels for the period.

The group meets in Vienna on June 22 to discuss its supply policy. "The market should stay in deficit" despite Venezuela President Nicolas Maduro's comments his country stands ready to raise production should Opec decide to do so, he said. Prices have been trading under pressure following comments from Russian Federation and Saudi Arabia that they could consider curbing their output cuts when they meet on June 22.

Finals loss puts LeBron future with Cavs in doubt
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OPEC members exported a total of 24.86 million barrels a day last year, down by 406,000 barrels compared to the prior year total, with most (62.6%) sent to the Asia-Pacific region.

Kazempour said the group would unite in opposition to the US request.

But US oil had rebounded by Tuesday's close amid expectations US crude oil stockpiles likely fell for a second week last week.

Brent futures for August settlement declined 49 cents to US$74.89 a barrel on the London-based ICE Futures Europe exchange, after closing 9 cents higher yesterday. PVM Oil Associates strategist Tamas Varga said, Reuters reported. While oil is still in technical price trouble in the short-term the correction should soon be over.

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