Opec's Conformity to Voluntary Production Cut Reaches 116 Percent

Russia cuts oil output by 346,000 bpd in Sept Novak

According to the median estimate in a Bloomberg survey, USA oil inventories probably fell by 500,000 barrels last week.

Oil's bull market rally stumbled into some bad news. It's the highest level in the last 30 years. Oil's loss also comes as "we've seem some decent dollar strength".

Crude oil prices were moving closer to even moments before the opening bell in NY.

November West Texas Intermediate CLX7, -0.18% was down 22 cents, or 0.4%, at $50.24, holding above the key $50 threshold, but futures have slumped for three of the past four trading sessions, with Tuesday's settlement marking its lowest finish since September 21, according to FactSet data.

But a Reuters survey on Friday found OPEC oil output rose last month, gaining mostly because of higher supplies from Iraq and also from Libya, an OPEC member exempt from cutting output.

Oil inventories dropped sharply by 6 million barrels with more refining activity back online after Hurricane Harvey, and the country averaged exporting nearly 2 million barrels of oil per day for the first time for a full week, according to the U.S. Energy Department.


"Falling prices probably affected the supply of energy carrier in the United States stronger than expected, this is while Libya and Nigeria are unlikely to significantly increase production volumes in the near future", he said.

"The efforts made this year by OPEC and other oil producing countries to reduce production, finally, had an effect, and the surplus of the global crude oil supply began to decline", said Hansen. Total volume traded was about 22 percent below the 100-day average.

With more market participants offering North Sea barrels, the ICE Brent futures structure had "room to collapse", one said. The global benchmark crude traded at a $5.12 premium to December WTI.

Gasoline stocks rose by 1.6 million barrels, compared with analyst expectations in a Reuters poll for a 1.1 million-barrel gain.

For the USA, the total draw for crude oil in 2017 now stands at just shy of 26.5 million barrels, according to API data.

But analysts said that oil prices were unlikely to fall much further. A stronger USA currency reduces the appeal of dollar-denominated raw materials as an investment.

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