Crude Oil Inches Higher Over EIA Report, Awaiting U.S. Inventories

Published 07/12/2017, 08:38 AM
Updated 03/09/2019, 08:30 AM


Crude Chart


Crude Oil managed to add $2.36 bp since Monday and clocked $45.99 bp high supported by the U.S. Energy Information Administration report on Tuesday as it expects U.S. crude oil production to rise by less than previously forecast next year due to a lower price outlook, but remaining at record. Also, reports by Reuters mentioned that Saudi Arabia is due to decrease their oil exports to the lowest record during August.

On the other hand, other fundamentals such as Libya and Nigeria (Non-OPEC) extended their oil production output, keeps market overloaded (glut) and oil rising prices at slower pace.

Add to that, Iran's oil output will rise to ...

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