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Oil prices supported by OPEC cuts, but bloated inventories weigh

Published 02/16/2017, 08:51 AM
Updated 02/16/2017, 08:51 AM

Investing.com - Oil prices were slightly higher on Thursday, supported by OPEC led supply cuts, but concerns over rising inventories and U.S. crude production weighed.
Brent futures were trading at $56.02 per barrel at 7:56ET, up 27 cents from their last close.
U.S. crude futures, were up 23 cents at $53.34 per barrel.
U.S. oil inventories hit a peak at 518.12 million barrels last week, while gasoline stocks also touched a record the Energy Information Administration said on Wednesday.
To support the oversupplied global market, the Organization of the Petroleum Exporting Countries and other producers are cutting output by almost 1.8 million barrels per day in the first half of 2017.
Although estimates suggest compliance by OPEC is around 90%, rising U.S. stocks and a revival of U.S. oil output have limited price gains.

Latest comments

Why has there been no mention of US crude exports jumping over 1MM/day? If exports were within their average the build this week would have been over 13MM. Product demand is down y-o-y and crude production is increasing. The 1.8MM/day cut by OPEC is just turned off but can come back faster than shale oil.
Any ideas over natural gas ??
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