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Oil spinning on heavy rake



The Energy Management Administration reported a large oil extraction blueprint of 9.5 million barrels a week until July 5, yet nonetheless confirmed and exceeded the American Petroleum Institute's estimate of an 8.13 million booth.

Today's figure follows an estimated 1.1 million barrels of oil storage training for the last week of June.

In gasoline, EIA reported a 1.5 million barrel draw last week, comparing with a 1.6 million barrel draw a week earlier. Petrol production averaged 10.4 million bpd, compared with 9.9 million bpd a week earlier.

In distillate fuel, the agency reported an increase in inventories of 3.7 million barrels, against a 1

.4 million barrel building last week. Production last week was on average 5.4 million bpd, compared to 5.3 million bpd a week earlier.

As oil producers begin to evacuate employees from the platforms in the Gulf of Mexico ahead of a possible storm, oil prices continued to rise and ordered fourth consecutive daily gains in a row. Among the factors driving them higher, in addition to the now chronic Middle East tension, the news Russia's oil production had fallen near a three-year low in June, later backed by the API inventory report.

At the front of prices, worrying about the direction the global economy is taking, continuing as the fear of an open military conflict in the Middle East continues only with a negative effect on prices.

As shown by OPEC's announcement of an expansion to 1.2 million bpd production is reduced to 2020, trades are too preoccupied with global economic growth and consequently demand crude oil. At the moment this is about keeping a lid on prices despite the last rally.

By writing, Brent crude traded at US $ 65.98 per barrel, with West Texas Intermediate at $ 59.52 per barrel. Both were up almost three percent from yesterday's proximity. This week's hurricane updates will probably seem like extra backwash for the WTI the next few days and maybe next week.

By Irina Slav for Oilprice.com

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