Oil Prices Gain As US Drillers Cut Oil Rigs

Oil Prices Gain As U.S. Drillers Cut Oil Rigs

Last month, Saudi Arabia sharply increased production, growing oil supplies to world markets by 390,000 barrels per day to 7.6 million barrels per day.

He asserted that Riyadh "does not try to push oil" into the market beyond customer needs.

A rare public statement from the Saudi Energy Ministry on Thursday could be taken as an illustration of their unease.

Holding production steady would mean shipping less crude than Saudi Arabia indicated after the OPEC deal.

OPEC agreed with Russian Federation and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers.

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Brent for September settlement added US$0.31 to US$72.89 on the London-based ICE Futures Europe exchange.

The impact of US sanctions on Iran's oil shipments, which remains highly uncertain, will play a big part in determining the final outcome. Rouhani didn't elaborate on the other "straits" Iran might have available for its exports. The Turkish government also on June 27 that does not intend to respond to U.S. sanctions against Iran. The U.S. rejected the request, an indication that Washington is going to give very little lee-way on sanctions.

"It seems that Saudi Arabia will not pump more and that has the price moving higher", Greg Michalowski, an analyst at ForexLive, said.

Futures pared gains in NY on Friday as President Donald Trump said that he's "ready to go" with tariffs on $500 billion of Chinese goods. The expiring U.S. West Texas Intermediate (WTI) crude for August delivery was up 28 cents at $69.74 a barrel, while the more traded September contract fell 13 cents to $68.11.

The kingdom's crude output surged the most in three years last month, as Trump demanded his ally's help in cooling gasoline prices and filling in the supply gap that will be created by his sanctions on Iran. This is expected to close banking channels for trade with Iran.

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Next week, the markets will also be watching the oil exports from Saudi Arabia.

Fuel prices were supported the last few weeks in large part because almost 700,000 bpd was shut down in Libya. "Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference.Prices to high!"

Meanwhile, according to a report from Baker Hughes, the number of US oil rigs fell by 5 this week to 858. U.S.net imports increased 2.2 million barrels per day during that week. USA gold futures were down 0.5% at $1,218.30 an ounce. As such, Houston reflects the dynamics of the crude trade much better than Cushing at this point. We suppose bunker prices will change irregular and will be rather volatile next week. June shipments came in at 8.36 million barrels per day (bpd) (down 9 percent from 9.2 mil-lion bpd in May).

That is rather unclear situation in global fuel market at the moment and it is rather hard to predict which driving force will prevail in the near future.

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