US crude eases for 3rd day on expectations of higher…

Comex Gold

Global benchmark Brent fell 51 cents to $77.05 a barrel, a 0.7 percent loss. That left USA crude futures down 3.1% for the week (and 2.2% for May) after dropping 4.9% the week before.

Crude stocks at the Cushing, Oklahoma, delivery hub for WTI fell 556,000 barrels, EIA said. The more active August contract rose 0.3 percent.

Analysts predict oil prices set to increase again after seeing a resurgence Thursday with Brent crude climbing to $78, but will most likely not reach the $100 mark.

US President Donald Trump also urged Opec to increase production which both Kapadia and Kelty believe had an important impact on driving prices down.

Kazakhstan's oil output, however, continued rising.

USA crude production has been rising to record-high levels since late a year ago.

Follow oil in real time here.

Brent hit a three-week low below $75 a barrel on Monday after OPEC and its allies, including Russian Federation, indicated they could adjust their deal to curb supplies and increase production, but recovered later in the week. Before that bigger gathering, energy ministers from Saudi Arabia, the United Arab Emirates and Kuwait plan to meet on Saturday.

On the supply side, OPEC and its friends chose to cut back production at the end of 2016 and throughout 2017 in an effort to increase prices. The difference is giving trading giants an opportunity to export millions of barrels as shale output continues to surge.

OPEC's oil production dropped in May by 70,000 bpd to 32.00 million bpd on the back of outages in Nigeria and a continuous decline in Venezuela that dragged the cartel's total production to the lowest level since April 2017, according to the monthly Reuters survey. It was also up 14.6% from March a year ago.

The price of WTI crude free-on-board at Houston, as assessed by Argus Media, was $73.71 a barrel on June 1, a premium of $7.90 a barrel, or 12 percent, to WTI futures on the New York Mercantile Exchange.

"You had the API showing a strong build in crude oil and nothing fantastic on the products", says Olivier Jakob, managing director of consultant Petromatrix GmbH.

Meanwhile in the US, bottlenecks in key shale plays such as the Permian basin are keeping record-breaking levels of output trapped.

Output from North Dakota held around 1.2-M BPD, while output in the federal Gulf of Mexico declined 1.1$ to 1.7-M BPD.

The OPEC cuts which saw cutbacks of 1.8 million barrels per day of output, achieved a 149 percent commitment in April, according to statistics by the OPEC Secretariat in Vienna, Austria. Gas production was at 58.12 billion cubic metres (bcm) last month, or 1.87 bcm a day, versus 61.86 bcm in April.

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