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Oil Prices Inch Lower After API Reports Crude, Gasoline Build

13 June 2018

Brent crude was trading at $75.83 per barrel, while the US WTI was valued at $66.31.

Trump sparked the latest back-and-forth on Wednesday when he renewed his attack on OPEC, saying in a tweet that oil prices are too high and blaming the cartel. US light crude was 20 cents lower at $66.16.

The IEA meanwhile warned that whatever the outcome of the meeting, "the market will be finely balanced next year, and vulnerable to prices rising higher in the event of further disruption".

Oil slipped after Russian Federation was said to propose that OPEC and other producers in a global alliance reverse the supply cuts they've been making since early a year ago.

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But the Paris-based IEA, echoing statements from oil producers as well as analyst comment in recent weeks, said there may be a change to the so-called Vienna agreement.

However, OPEC's president, Suhail Al Mazrouei, said on Tuesday that the USA has not asked the group to increase oil production in the wake of political unrest in oil-rich Venezuela and US sanctions on Iran.

"Saudi Arabia and Russian Federation have already started to lift production", he said.

LONDON-Oil prices edged lower Wednesday, as traders appeared to discard fresh signs of robust demand and kept their eyes fixed on OPEC's gathering next week.

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OPEC, a group of 14 oil-producing nations, is expected to meet again later this month. "Unofficial sources have said that Russian Federation will propose to return production back to the October 2016 (level), i.e. removing the cap altogether over a period of three months".

Last week, the American Petroleum Institute (API) reported a build of 2.028 million barrels of crude oil.

Rising U.S. stocks partly reflect a surge in U.S. crude production, which has jumped by nearly a third in the last two years to a record 10.8 million barrels per day (bpd). Russia's production was 11.1 million barrels a day in June, exceeding its quota, according to sources familiar with the matter.

"The U.S.is important to us, but. we have not received any official communication, or even unofficial communication, from the administration", he told CNN.

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Oil Prices Inch Lower After API Reports Crude, Gasoline Build