Oil prices rally on reduced production

Oil Prices Spike In Spite Of Bearish EIA Forecast, Brent Now $50pb

That topped the forecast for a decline of 2.5 million barrels by analysts surveyed by S&P Global Platts.

U.S. crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.

Brent crude futures LCOc1 increased by 41 cents to $50.61 a barrel, while US West Texas Intermediate futures CLc1 rose by 49 cents to touch $48.38, reported Reuters.

Oil prices were sitting just below eight-week highs on Thursday, buoyed by hopes that a steeper-than-expected decline in U.S. crude inventories will reduce global oversupply.

LOOP LLC (LOOP) - operator of of the largest privately-owned crude oil storage and transportation logistics facility in the U.S. Exports, meanwhile, surged to more than 1 million bbl/d.

According to a report by the Financial Times, Alexander Novak, Russian Energy Minister said Nigeria and Libya should cap production output only when their production stabilizes. The UAE consumes less than a third of its total crude oil production-so it is unclear, assuming it continues to overproduce, exactly what the UAE intends on doing with the 10 percent it is shaving off its September exports.

In refined products, RBOB heating oil futures remained flat at 1.600 a gallon at the NYMEX.

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Since a year ago, oil prices witnessed sharp fall due to ongoing global glut has primarily been driven by a rise in United States production.

EIA reports that ethanol exports have also been on the rise, particularly through the first four months of 2017.

Refinery crude runs rose by 166,000 bbl/d, EIA data showed.

Gasoline stocks fell by one million barrels, compared with analyst expectations for a 614,000-barrel drop.

USA crude imports fell last week by 254,000 bbl/d. Last month, news broke that Saudi Arabia had actually been increasing its exports steadily even though the kingdom was part of OPEC's deal to cut output.

Still, many analysts and investors believe the oil-price recovery is still tentative.

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