US Crude Oil production rose 215,000 BPD to 10.47-M BPD in March, the highest on record, the Energy Information Administration (EIA) said in a monthly report Thursday. The Bloomberg Dollar Spot Index rose 0.2 per cent.
Global benchmark Brent LCOc1 was down 12 cents, or 0.16 percent, at $76.67 a barrel by 0159 GMT.
US President Donald Trump also urged Opec to increase production which both Kapadia and Kelty believe had an important impact on driving prices down. Real global growth will reach 4 percent this year for the first time since 2011, the Organisation for Economic Co-operation and Development forecast this week. Saudi Arabia stayed within its quota and its production inched up to 10.00 million bpd because more crude oil was consumed domestically by power plants, according to sources in the Reuters survey.
This pushed Brent to a three-week low below $75 a barrel on Monday.
Brent found support from around midweek on remarks by Saudi officials that signaled the country wants to step up production only gradually in reaction to lost production out of Venezuela and, potentially, Iran, while keeping the agreement between the Organization of the Petroleum Exporting Countries and other major producers to curb overall production in place through the end of the year, wrote analysts at Commerzbank.
Oil prices decline for third consecutive on the background of statements by Saudi Arabia and Russia's readiness to increase production, a new jump in drilling activity in the U.S. and a record year of sales of hedge funds in the futures market.
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The biggest continuing factor is the influence of rising United States output.
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West Texas Intermediate futures are down 2.1 per cent this week as pipeline bottlenecks in the Permian Basin add to pressure from unprecedented levels of USA production.
Rosneft accounts for about 40 percent of total oil output in Russian Federation, which pledged to cut its output by 300,000 bpd from January 2017 as part of the global deal with the Organization of the Petroleum Exporting Countries.
Crude production continued to set a weekly record high, edging up to 10.8 million bpd, though the weekly USA figures are subject to revisions; monthly data for March will be released later on Thursday.
"Investors will hold tight till June 22 as OPEC members meet in Vienna (to consider).supply cut policies for 2018 and beyond", said Benjamin Lu, a commodities analyst at Singapore-based broker Phillip Futures. Gas production was at 58.12 billion cubic metres (bcm) last month, or 1.87 bcm a day, versus 61.86 bcm in April.