The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Oil edges higher, growing U.S. supply limits gains

Pubdate:2017-06-27 10:27 Source:liyanping Click:

NEW YORK (Reuters) - Oil prices crept higher on Monday in quiet trade that featured bargain hunting after prices slid last week and hit seven-month lows, but gains were limited by rising crude supply in the United States and other countries.

Brent crude futures were up 25 cents, or half a percent, at $45.79/bbl by 1:13 p.m. (1713 GMT), still set for a near 20% drop in the first half of the year.

U.S. crude futures were up 35 cents, or 0.8%, at $43.36/bbl.

"I think it’s mostly bottom fishing at this point," said John Kilduff, partner with energy hedge fund Again Capital in New York, who noted there was some "book squaring" with the end of the quarter approaching.

"After how much we’ve fallen prices are attractive here as a result, so it’s not surprising that we're getting some buying, just on a valuation perspective."

In the week to June 20, investors in U.S. crude futures and options increased their short positions, or bets against rising prices.

"On a speculative basis it’s arguably worth going long here and playing for a bounce," Kilduff said. "The market is taking a breather here before we take a next move which I think will be lower."

The Organization of the Petroleum Exporting Countries and its partners have been trying to reduce a global crude glut with production cuts. OPEC states and 11 other exporters agreed in May to extend cuts of 1.8 MMbpd until March.

However, Nigeria and Libya, OPEC members exempt from the cuts, have hiked output. Iran was allowed a small increase to recover market share lost under Western sanctions. It said its production has surpassed 3.8 MMbpd and is expected to reach 4 MMbpd by March.

Also, U.S. shale oil output is up around 10% since last year. The number of U.S. oil rigs in operation has hit its highest in over three years.

“U.S. production could jump to 10, maybe 10.5 MMbpd by the end of the year, and when you add Libya, Nigeria and North Sea production that will negate the Saudi-led cuts," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Conn.

Analysts at Bank of America-Merrill Lynch said demand had not grown quickly enough to mop up excess output.

"Looking into the second half of 2017, we now doubt that demand growth will accelerate sufficiently," they wrote.

 

主站蜘蛛池模板: 男女无遮挡边摸边吃边做| 久久99久久99精品免观看| 99久久超碰中文字幕伊人| 精品日产卡一卡乱码| 日本三级韩国三级欧美三级| 国产激情在线观看| 亚洲成年人电影网站| 99久久精品日本一区二区免费| 色综合天天综合网站中国| 日本国产在线视频| 国产强被迫伦姧在线观看无码| 亚洲伊人久久网| 269tv四季直播苹果下载| 污视频免费在线观看网站| 激情偷乱人伦小说视频在线| 少妇无码一区二区二三区 | 被强制侵犯的高贵冷艳人妇| 欧美在线视频导航| 国产精品成人va在线观看入口| 亚洲精品免费在线视频| 99精品国产在热久久| 男人边吃奶边摸下边的视频| 妞干网免费在线视频| 午夜电影在线观看国产1区| 久久国产精品久久国产片| 色婷婷99综合久久久精品| 日本免费观看网站| 啊~嗯~轻点~啊~用力村妇| 中文字幕日韩一区二区三区不| 精品国产成人亚洲午夜福利| 成人免费激情视频| 制服丝袜一区在线| 一本色道久久88综合日韩精品| 激情欧美日韩一区二区| 国产高清视频网站| 亚洲一区中文字幕在线观看| 人人洗澡人人洗澡人人| 日本三级2021最新理论在线观看| 国产一精品一aⅴ一免费| 一个人免费观看www视频| 狠狠色狠狠色很很综合很久久|