Oil Set For Third Weekly Decline

Oil headed for a third weekly drop as U.S. crude output rose to a two-year high and Chinese refining slowed, signs that the world’s two biggest consumers may stymie OPEC-led efforts to trim a global glut.

Futures were little changed in New York, down 3.2 percent for the week. U.S. production had the biggest weekly advance since June, according to Energy Information Administration data on Wednesday, offsetting the largest decline in stockpiles in almost a year. Oil processing in China fell in July, the biggest decline for that particular month in three years, figures from the National Bureau of Statistics showed Monday.

Oil this month has fluctuated in the tightest range since February as production cuts by the Organization of Petroleum Exporting Countries and its allies drain a surplus more slowly than expected. Brent crude prices will struggle to climb above $60 a barrel during the next five years because of plentiful supplies from both OPEC and U.S. shale, according to Citigroup Inc.

Bloomberg

West Wing Scandalmongering

U.S Dollar’s Glass Chin

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.