Oil Prices Are Unlikely To Increase As 'Sharply' From Now On

Futures in New York dropped as much as 1.3% after the American Petroleum Institute was said to report nationwide crude inventories rose last week

For oil, traders were focused more on the details of the latest monthly market report from the Organization of Petroleum Exporting Countries.

USA crude production rose to 10.9 million bpd last week, according to the EIA, but Kilduff said the market appeared able to absorb the increase.

Various sources show that "considerable uncertainty as to world oil demand and non-Opec supply prevails", Opec said, leading to a wide range of estimates for the remainder of 2018.

In 2017, OPEC began cutting about 1.8 million barrels per day to support the market.

Brent crude, the global oil benchmark, settled down 1% to $75.94 a barrel on London's Intercontinental Exchange.

Opec flows were already higher in May, led by Saudi Arabia, the IEA said, adding that the oil kingpin was still in compliance with the Vienna deal caps.

Brent crude futures were last up 6 cents at $76.80 a barrel by 0915 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 12 cents at $66.76 a barrel. "There is going to be a real issue", he wrote, predicting prices above $150 per barrel within two years.

China and India have so far this year accounted for about 69 percent of the expected growth in crude oil demand, meaning that what happens in those two behemoths is likely of far more importance to the crude market than what may or may not happen in Vienna.

Opec's second-biggest producer said supply curbs by the cartel haven't yet achieved their goal, with oil prices still below the desired level.

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Opec said on Tuesday that the oil market outlook in the second half of 2018 was highly uncertain and warned of downside risks to demand.

With output in Russian Federation rising back above 11 million bpd in June and Saudi production climbing to more than 10 million bpd, supplies from the top three producers are increasing.

In the United States, gasoline pump prices nationwide have risen to near $3 a gallon during the peak summer travel season, still less than the $4 a gallon during the 2007-2009 Great Recession.

"We agreed to promote (business-to-business) cooperation... and we are hopeful that in future buyers will be able to dictate prices", oil minister Dharmendra Pradhan said after meeting China National Petroleum Corporation chairman Wang Yilin and Li Fanrong, deputy administrator of China's National Energy Administration, on the sidelines of the 16th International Energy Forum ministerial round in April.

The president has been vocal about his dissatisfaction with oil prices in the past.

India's crude imports were 4.57 million bpd in the January-May period, up 272,000 bpd from the same period previous year, according to vessel and port data and industry sources.

"More oil from Opec+ is the base case", said Bjarne Schieldrop, chief commodities analyst at Swedish bank SEB.

As Bloomberg writes in an article "Iran Expects OPEC to Stick to Supply Limits", the Organization of Petroleum Exporting Countries and its partners will meet next week and debate whether to restore output halted past year.

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