United States crude oil production hit record level in June

United States crude oil production hit record level in June

LONDON-Oil prices rose on Friday after top exporter Saudi Arabia said it wouldn't flood the market with crude in an effort to cap on prices. U.S. West Texas Intermediate (WTI) was 70 cents higher, or 1 percent, settling at $69.46.

In early Asia trade Tuesday, WTI was back up three cents to $68.09 and Brent crude was up 45 cents to $72.29.

South Korean petrochemical companies are readying to reduce crude oil imports from Iran to counter possible risks from the United States' decision to re-impose economic sanctions on the Middle Eastern country.

He also said concerns that Saudi Arabia and its partners are moving to oversupply the market substantially are "without basis".

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However, they can only alter their yield by a few percent, particularly because refiners are flush with light USA crude that produces gasoline-friendly naphtha, Rogers said.

Trade tensions between the USA and China have stoked fears of damage to their economies and commodities demand.

Earlier in the trading day, the us dollar hit its highest level against a basket of other currencies since July 2017, up half a percent on the day.

US gasoline days of supply stood at 24.40 days last week, just shy of the highest on record for this time of year, EIA data showed.

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News that a worker strike at Norwegian drilling rigs has ended also weighed on global oil prices. United States crude prices had reached a session high of $70.17 earlier in the trading day.

U.S. crude oil inventories increased in the week ending July 13, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.

Grassley said in a statement, "It's long past time to put an end to illegal price fixing by OPEC", and he added that the feds are "committed to reducing our reliance on foreign oil, especially when it's artificially and illegally priced; our bill shows the OPEC members we will not tolerate their flagrant antitrust violations".

President Trump took to Twitter in late June, when oil prices were on the rise as many feared tightening oil supplies.

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"Even though the overall crude number was bearish, the gasoline numbers and distillate numbers were pretty bullish", said Phil Flynn, an analyst at Price Futures Group in Chicago, Reuters reported.

US crude oil refinery inputs averaged about 17.2 million barrels per day during the week ending July 13, which was 413,000 barrels per day less than the previous week's average.

Production of crude topped 10.7 million barrels per day with production of natural gas hitting 4 million barrels per day, according to an analysis released by the American Petroleum Institute (API) Thursday.

OPEC's commitment in June was to bring compliance to the OPEC production cut deal closer to 100%-which would equate to about a 1 million bpd increase in production.

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