Iraq, Algeria support extension of oil production cuts

Oil prices pared gains after OPEC released the report.

Oil prices rose more than 3 per cent on Wednesday, bolstered by the biggest one-week drop in United States inventories so far this year, and after Iraq and Algeria joined Saudi Arabia in supporting an extension to Opec supply cuts. The results of these higher budgets will become evident in 2018, which is why the EIA is forecasting average daily production of nearly 10 million bpd in 2018.

Oil prices pared gains in mid-afternoon trade, as sentiment turned bearish, after the EIA raised its USA oil production forecast to an average of 9.3 million barrels per a day (bpd) in 2017 and 10 million bpd in 2018.

OPEC is expected to decide at talks on May 25 whether to extend the current deal to cut production for an additional six-months to the end of the year.

But a downbeat report from Opec tempered early gains as the producer group said higher-than-expected production from its competitors would reduce demand for its crude this year.

The U.S. president said he had fired Comey, who had been leading an investigation into the Trump 2016 campaign's possible collusion with Russian Federation, over his handling of an email scandal involving then-Democratic candidate Hillary Clinton.


A weak 10-year note auction sunk demand for US government debt as the prices on benchmark 10-year notes erased earlier gains to trade flat.

Crude futures gained on Thursday as investors became more positive that production cuts made by major oil producers are finally making a dent on global crude stocks. OPEC did not publish a compliance number.

OPEC said its production, including Nigeria and Libya, fell by about 18,000 bpd in April to 31.73 million bpd, according to the secondary sources. Iraq said it pumped 4.53 million bpd, above its target of 4.351 million bpd.

Gasoline inventories rose by 3.17 million barrels, compared to a draw expected, and distillate stocks fell by 1.17 million barrels, more than forecast.

"The market has been unusually stable for a long period; we've had a long stretch of not many big moves up or down", said Giri Cherukuri, head trader at OakBrook Investments LLC in Lisle, Illinois. However, officials from member countries have questioned the sustainability of the rebound in shale.

An OPEC branded flag sits on a table ahead of the 169th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria.

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