Oil rises ahead of Opec meeting

Oil rises ahead of Opec meeting

Oil rises ahead of Opec meeting

And just as inevitably, oil prices pulled back slightly as the brash billionaire tweeted his displeasure on Thursday: Brent settled down 78 cents at $78.70 per barrel, while West Texas Intermediate settled down 32 cents at $70.80 per barrel - after rising almost 2 percent in the previous session. "We will remember. The OPEC monopoly must get prices down now!" he tweeted ahead of an OPEC meeting to discuss production on Sunday. A few days back, the EIA predicted that the USA crude oil production was 10.9 Million bpd for August, which was increased by 120,000 bpd from June.

Oil prices eased on Thursday, slowing an upward surge that had pushed the market toward four-year highs, after U.S. President Donald Trump called on OPEC to "get prices down now!"

According to the Weekly Petroleum Status Report by EIA, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased 2.06 million barrels during the week ending September 14.

A report last week by the U.S. Energy Information Administration makes this abundantly clear.

"We're stuck in a range here", said Tariq Zahir, managing member at Tyche Capital Advisors in NY, with prices supported by sanctions on Iranian supplies and pressured by the potential Chinese demand could wane.

Crude inventories declined by 2.1 million barrels, the EIA data showed, compared with expectations for a decrease of 2.7 million barrels.

Speaking of oil, recently oil prices were increased by 1.6% in the USA, as the US stocks fell by 5.3 Million barrels.

US crude oil imports averaged 8.02 million barrels per day last week, 433,000 barrels per day higher than the levels of the previous week.

OPEC members will meet this weekend with non-OPEC producers such as Russian Federation to discuss production levels.

Since 2015, the completion of several pipelines to transport crude oil from the Midwest has resulted in the Midwest shipping out much less crude by rail.

USA pulled out in May from Iran's nuclear deal, called the Joint Comprehensive Plan of Action or JCPOA and resumed financial and industrial sanctions on the country in August and the additional oil-related sanctions would be imposed on November 4. Exports of refined products rose by 363,000 barrels a day last week to 5.22 million barrels a day.

Saudi Arabia, Iraq, United Arab Emirates, Kuwait and Qatar have increased production by a total of 794,000 b/d during May-August, half of which came from Saudi Arabia.

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