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Concerns over slower global economic growth sent oil prices down for another time this week. Brent crude oil futures LCOc1 were down at $71.38 per barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 dropped to $65.42 a barrel. Data released on Wednesday showed crude oil output rose by 100,000 barrels per day to 10.9 million bpd in the week ending Aug 10.
Oil Prices edged up today after the last couple of days saw a decline in the crude costs. Brent crude futures LCOc1 rose by 0.4%, at $72.64 a barrel. West Texas Intermediate (WTI) crude CLc1 futures climbed 0.4%, to $67.92 a barrel. Energy Information Administration (EIA) reported U.S. crude inventories for the last week at 3.8 million barrels capacity, owing to a surge in import.
As the focus of investors shifted towards oversupply concerns, crude oil futures declined during mid-morning trade in Asia. Economists are raising concerns about oversupply risk stating that geopolitical risks are traditionally short-lived. Data from EIA shows a hike of 5.84 million-barrel in US crude stocks. Investors are worried that this increase in stockpiles might become a trend and so they are looking for fresh data from EIA this week.
The Permian shale play is all set to become the world’s largest oil patch over the next decade. According to the Energy Information Administration, output in the basin is forecast to reach 3.18 MMbpd in May.The oil reserve size with enhanced technology and efficiency are fueling the rampant growth.
According to the U.S. Energy Information Administration (EIA) report, the exports of U.S. liquefied natural gas (LNG) increased from 0.5 Bcfd in 2016 to 1.94Bcfd in 2017. Shipments went to more destinations with an expansion in LNG exports. All LNG exports from US in 2017 originated from Louisiana’s Sabine Pass liquefaction terminal and reached almost 25 nations with 53% shipped to three countries- Mexico, South Korea and China.
The U.S. Energy Information Administration (EIA) has recently said in a monthly productivity report that U.S. shale production is expected to rise to a record high 6.95 million bpd in April. The report highlights that the expected increase is majorly driven by production gains in oil in the Permian and Eagle Ford formations. However, enhanced crude supply in the US is seen as a potential threat to global supply balance.
As reported by Reuters, Brent crude prices slipped back consecutively for a second day owing to weak economic figures from China and growing U.S. oil inventories. Traders across the globe expressed their concern regarding an international economic slowdown as China reported that factory growth has sunk to its lowest rate since 2016.