Oil investors fear Opec will turn taps back on

Oil investors fear Opec will turn taps back on

Oil investors fear Opec will turn taps back on

Crude oil prices fell Wednesday after the Energy Information Adminstration reported a massive increase in crude oil stockpiles.

New Delhi, May 24 Crude oil drifted lower by 0.31 per cent to Rs 4,898 per barrel in futures trade today in tandem with a weak trend overseas as speculators trimmed positions.

Libya, an OPEC member, recently announced it will decrease oil production by 120,000 barrels per day because unseasonably hot conditions are affecting power supply. However, Russia's Energy Minister Novak declined to comment on the same, saying that all proposals will be discussed in June's Vienna meeting.

- From a technical viewpoint too, the price of Brent crude looks ready to slip back after reaching its highest levels since November 2014.

Supply concerns in Iran and Venezuela following new U.S. sanctions had pushed both Brent and WTI to multi-year highs, with Brent breaking through a $80 threshold last week for the first time since November 2014. It's a mid-cap oil company that facilitates oil transportation - and will directly profit from higher oil prices.

Prices of the American benchmark for the sweet light crude oil are sharply lower at the end of the week, taking the barrel to the mid-$68.00s area, or 2-week lows. Meanwhile Pierre Andurand, one of the most prominent hedge fund managers in the oil market, recently said that $300 a barrel was "not impossible".

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OPEC oil producers and Russian Federation are due to meet in Vienna on June 22 to discuss easing supply curbs that have helped drive world oil prices to $80 a barrel, raising gas prices and hurting big energy importers such as India.

Based on the prospect of a shortfall in supply relative to demand, investors had driven their bets on a sustained rise in the price of oil to record highs earlier this year. During the previous oil boom, US shale producers borrowed large sums in order to ramp up production.

The XAUUSD pair however rebound from Tuesday's loss during Asian market hours and is now trading around $1294/95 price range.

Meanwhile, commercial US crude inventories rose C-STK-T-EIA by 5.8 million barrels in the week to May 18, beating analyst expectations for a drop of 1.6 million barrels, the Energy Information Administration (EIA) said on Wednesday. When OPEC, Russia and other major producers meet in June "we will do what is necessary" to reassure buyers, the minister said.

The stated reason: "The anxiety of consumers is now a concern to us", translated: between the IEA's forecast of demand destruction the higher the price of oil rises, and Trump's periodic reminders to pump more as USA gas prices are getting too high, Saudi Arabia had no choice but to take the first step toward undoing the Vienna oil supply cut agreement.

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