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10 June 2018, 03:09 | Austin Hogan
Please OPEC Please! The Energy Report 06/05/18
WTI settles at $64.73/bbl, down 79 cents, or 1.21%, on the day.
This weeks EIA number showed an unexpected build in crude oil inventories due to a larger than expected increase in imports.
As of June 6, over 80 tankers were waiting in Venezuelan waters, half of them to load crude and refined products for exports, according to the data.
Brent crudeoil futures were up 5 cents, to $75.34/Bbl by 2:23 p.m. ET, climbing back from a session low of $73.81/Bbl.
Crude oil prices moved lower and continued to form a bear flag pattern. That would normally trigger a spike in crude oil prices, though Platts Futures Editor Geoffrey Craig said traders are focused more on production levels.
The Organization of the Petroleum Exporting Countries and Russian Federation will meet on June 22-23 to decide how much production they will increase as global inventories have tightened while Venezuela's production has dropped more than expected.
OPEC and Russian Federation meet on June 22/23 to discuss production policy.
"It´s all about supply, whether it´s OPEC raising output or USA increasing production, all roads lead to higher global oil supplies, which is leaving oil traders shaking in their boots", said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.
Trump announced last month that the USA would back out of a deal with Iran that sought to curb the country's nuclear ambitions in exchange for sanctions relief.
"A consensus for higher oil prices and revenues will be the bedrock of every OPEC nation".
An OPEC source familiar with Saudi thinking said that Riyadh and Washington had discussed their oil policies before the U.S. announcement on Iran. USA proved reserves totaled about 33 billion barrels, according to the OPEC bulletin.
The United States government has unofficially asked Saudi Arabia and some other OPEC producers to increase output, sources said on Tuesday.
He predicted OPEC would not heed the USA request and said oil prices would jump in response to Washington's sanctions on Iran and Venezuela, as they did during a previous round of US sanctions against Iran.
As interesting as all these numbers may be, the June 22 OPEC meeting is drawing the most attention right now.
Oil prices climbed on Wednesday after Venezuela raised the prospect of a halt to some crude exports, but gains were capped by reports that the USA government had asked Saudi Arabia and some other producers to increase output.
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