Oil prices extend gains, buoyed by unexpected drop in United States gasoline stocks

Oil prices extend gains, buoyed by unexpected drop in United States gasoline stocks

"Oil prices suffer from a well supplied market, following recovering Libyan production and higher output from Saudi Arabia, its Gulf Cooperation Council allies and Russian Federation among still elevated Iranian crude exports".

The market also got a boost from reports rebels in Yemen attacked an oil facility in Saudi Arabia, Kilduff told CNBC.

He said Saudi Arabia's crude oil exports in July would be roughly equal to June levels.

However, the administration also reported United States oil production reached a record 11-million barrels a day.

Crude imports from the US rose 800% month-on-month to 4.72 MMbbl in May, the largest volume since at least 2015 for which data is available. Despite global oil markets being well balanced in the third quarter, he said there would still be substantial stock draws due to robust demand. There was no mention in the statement of Saudi June crude exports. The reasons for this are: the return of oil from Libya, the lifting of force majeure on a key oil pipelines in Nigeria, the possible return of oil from an outage in Canada, increased production from Saudi Arabia and the prospect of Strategic Petroleum Reserve (SPR) release from the U.S. Taken together, there is no such a lack of supply as it looked a week ago.

"Probably the strong USA dollar is one factor weighing on prices", he said.

People Killed After Tourist Boat With Dozens On Board Capsizes Near Branson
In 2010, two young Hungarian tourists also died when a duck boat stalled in Philadelphia and was hit by a barge. A sheriff's deputy was among those on the boat when it capsized and was helping in the rescue, he said.

He also said concerns that Saudi Arabia and its partners are moving to substantially oversupply the market are "without basis". Instead of directly paying for Iranian oil, special bank accounts were set up where oil buyers deposited money that could only be used to buy certain commodities.

Strategic Petroleum Reserve. After the Oil Weapon had been unsheathed by the oil-producing countries in 1973, the U.S. government began to hold a Strategic Petroleum Reserve.

It added in reference to the growing trade war between the USA and China, "Slowing trade growth will weigh on physical demand for oil". Iran could make the case that the economic war on the country is being deepened by the transit of oil from Saudi Arabia, the UAE and Kuwait to global markets.

Saudi Arabia, the group's de facto leader and the biggest producer, said its output would be slightly higher this month than in June, according to people familiar with the matter.

Thirty-five years have now passed since OPEC imposed an embargo on the export of oil to the United States. And even if OPEC is in compliance, we are seeing signs of more oil production. Considering that Iranian exports dropped to about 1-1.5 million bpd during the 2013-2015 period of strong economic sanctions (from around 2.5 million bpd in 2011 to some 1 million bpd at the end of 2013), depending on how many countries follow the White House's call for sanctions today, we might expect Iranian exports to fall by between 200,000 bpd and 1 million bpd. For decades, the WTI contract based in Cushing, has been the benchmark for USA oil prices, but Houston has surpassed Cushing in terms of importance.

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