Will Libya's Crude Oil Production Rise in August 2017?

National Hurricane Center									This is the probable path of the storm center as of Friday midnight

The EIA is forecasting that WTI crude will average $49 a barrel this year and $50 a barrel in 2018, according to its latest short-term energy outlook.

USA crude futures dropped $1.27, or 2.6 percent, to $47.14 a barrel and Brent crude fell 89 cents a barrel, or 1.7 percent, to $51.68by 12:48 p.m. (1648 GMT).

With U.S. crude oil production on the rise, it's clear the production agreement from OPEC hasn't worked as intended, an economist in Texas said. Today, it will be the turn of the USA government's Energy Information Administration. Meanwhile, tropical storm Harvey is expected to strengthen and become the first hurricane to strike Texas since 2008, sending gasoline crack spreads higher.

West Texas Intermediate for October delivery declined 66 cents to $47.75/bbl at 10:03 a.m. on the New York Mercantile Exchange.

Oil prices have been under pressure in recent weeks as concern over rising USA shale output canceled out production cuts by OPEC and non-OPEC members.

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Brent for October settlement fell 45 cents to $52.12/bbl on the London-based ICE Futures Europe exchange.

Harvey has already forced workers off some platforms.

Beyond the weather, traders said declines in USA commercial crude storage levels were a sign of a gradually tightening market, although another rise in output held the market back.

Offshore, Royal Dutch Shell (LSE: 0LN9.L - news), Anadarko Petroleum (Other OTC: ANDKU - news) and Exxon Mobil (Swiss: XOM-USD.SW - news) have all taken steps to curb some oil and gas output at platforms in the Gulf.

Oil prices rose on Wednesday after USA crude inventories declined for the eighth straight week and a storm approached the Gulf Coast with the potential to disrupt oil and refined products output.

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