Oil retreats on stronger dollar, United States crude discount wider

Oil retreats on stronger dollar, United States crude discount wider

WTI for July delivery traded at US$66.57 a barrel on the New York Mercantile Exchange, down 47 cents, at 9:03 a.m. local time, after dropping 1.7 per cent on Thursday. Prices have dropped about 5 percent since Saudi Arabia and Russian Federation last week proposed to phase out supply curbs by OPEC and its allies, a decline compounded by fears over U.S.

By the end of last month, both OECD and US inventory levels were lower than the averages for April 2013 to April 2017.

Concerns about US bottlenecks are contributing to the decline in USA futures as well.

The United States accounted for more than half of that decline, as USA crude oil and other liquids inventories decreased by 162 million barrels over that period.

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Crude oil futures lost more ground on Friday, with the US market set for a second week of decline on pressure from record USA production and expectations of OPEC boosting output. In March it jumped by 215,000 barrels a day to 10.47-million barrels a day, a new monthly record, the Energy Information Administration (EIA) said on Thursday. Output at the world's largest listed oil producer Rosneft edged up by 0.2 percent in May from April.

"The big thing is the increasing spread between Brent and WTI". It has doubled in less than a month, as a lack of pipeline capacity in the United States has trapped a lot of output inland.

The premium has risen sharply in recent weeks, given that it was closer to $3 a barrel at the end of April.

Prices have fallen sharply in the past week amid expectations that OPEC will ramp up production, as well as a stronger dollar.

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US drillers added two oil rigs in the week to June 1, bringing the total to 861, the most since March 2015, General Electric Co's (GE.N) Baker Hughes energy services firm said on Friday. While U.S. President Donald Trump has said crude prices are "artificially Very High" and India faces calls for price caps on gasoline and diesel, a truckers strike over surging fuel costs in Brazil culminated with the resignation of the state oil company's CEO on Friday.

Kazakhstan is consulting other producers on the potential easing of a 2016 oil output reduction agreement between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC members, Kazakh Energy Minister Kanat Bozumbayev said recently.

According to the latest available figures by OPEC's secondary sources-the ones that OPEC uses to measure quotas and compliance with the deal, OPEC's production in April increased by 12,000 bpd over March, to average 31.93 million bpd, as Saudi Arabia boosted its production by 46,500 bpd.

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