Oil dented by rising tide of supply


Brent crude futures LCOc1 were up 16 cents, or 0.2 percent, at $72.55 a barrel by 0503 GMT, after dropping 2.5 percent on Wednesday.

The West Texas Intermediate (WTI) for September delivery lost 0.47 USA dollar to settle at 68.49 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.24 dollar to close at 73.21 dollars a barrel on the London ICE Futures Exchange.

Prices had tumbled to a six-week.

Furthermore, Weekly Distillate Stocks rose by 2.983 million barrels and Gasoline inventories dropped by 2.536 million barrels, coming in above prior surveys.

Output by Saudi Arabia has also risen recently to around 11 million bpd, according to Reuters.

The cartel and its allies - known as OPEC+ - decided in June to increase production in response to consumers' concerns over rising prices and supply disruptions, so traders and investors have been watching Russia's oil data closely.

Oil prices traded slightly higher on Thursday, reversing course after a report suggested crude stockpiles at the US storage hub at Cushing, Oklahoma fell in the latest week.

After the market closed Tuesday, the American Petroleum Institute reported domestic crude oil inventories swelled by 5.6 million barrels last week, compared to a draw forecast by S&P Global Platts.

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Futures in NY were little changed, following a 3.5-percent slide in the past two sessions.

Concerns about demand from China also increased Friday as state oil major Sinopec cut its purchases of USA crude. Crude stockpiles at the Cushing, Oklahoma storage hub are at a almost 4-year low, and are expected to fall further in the coming week.

LONDON-Oil prices edged up Friday after a week of oscillating between steep losses and gains.

The higher supplies from OPEC and Russian Federation are contributing to growing signs of a new glut in the oil market and that is adding to concern a trade war between the USA and China could curb economic growth and limit energy demand, which drove crude to the biggest decline in two years last month.

Net U.S. crude imports rose last week by 1.4 million barrels per day. Total volume traded was about 23 percent below the 100-day average. Mr Novak said that higher production was due to the need to maintain the market's stability.

A higher crude output from the Saudis, along with Nigeria and Iraq, pushed up total production from the Organisation of Petroleum Exporting Countries by 300,000bpd, offsetting losses from a spiraling economic collapse in Venezuela, political clashes in Libya and the onset of U.S. sanctions against Iran.

The net imports averaged 6.44 million barrels per day last week, up by 1.35 million barrels per day from the previous week.