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Crude export disruptions from key terminal after Libyan oil field production halt

Crude export disruptions from key terminal after Libyan oil field production halt

So far in February 2018, USA crude oil production has topped 10 million bpd in each of the three previous weeks, EIA data shows. US crude was down $1, or 1.6 percent, to $60.66 a barrel, after touching a low of $60.18.

'That its oil market is dominated by a large number of uncoordinated, private-sector firms, many of whom benefit from lower production costs than producers elsewhere, means the US will remain a major player for the foreseeable future'.

Brent crude rose 20 cents to $67.51 per barrel and US West Texas Intermediate futures had climbed 41 cents as of 11:35 a.m. EST, with both contracts reaching their highest increase since February 7.

Soaring U.S. production has pressured oil prices at a time when the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation have reduced output to support prices.

Saudi Arabia hopes OPEC and its allies will be able to relax production curbs next year and create a permanent framework to stabilise oil markets after the current supply cut deal ends this year, its oil minister said on Saturday in New Delhi.

"The recent rise in global benchmark prices has not been matched by higher prices for Western Canadian producers".

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Analysts polled by Reuters expect data to show USA crude inventories rose 2.7 million barrels last week. urn:newsml:reuters.com:*:nL4N1QG55J Industry group the American Petroleum Institute releases its weekly figures on Tuesday at 4:30 p.m. EST.

The prices for oil grow at the expense of strict discipline Saudi Arabia, easing concerns about oversupply of oil in the United States and the disruption of supplies from Libya. The most active USA gasoline futures RBc2 fell as much as 3.1 percent to $1.9354 a gallon. In November 2017, crude oil production was 10.03 million barrels a day.

Looking at the bigger picture, prices are expected to continue to be underpinned over the longer-term as long as Saudi Arabia and other major producers continue to remain committed to reducing output in order to trim the global supply glut and stabilize prices. More reliable monthly figures are due later in the day, and analysts expect that report to show another large upward revision. "U.S. shale growth is very strong, the pace is very strong".

'Rising global oil demand will be driven mainly by emerging markets, with non-OECD consumption rising by an average of 2.8 percent per year in 2018-19, which would be the fastest rate since 2013, ' the Economist Intelligence Unit's Birch said.

Ironically, the second US shale boom came in the wake of the OPEC/non-OPEC production cut deal masterminded and led by OPEC's Saudi Arabia and non-OPEC's Russian Federation.

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