Gains For Crude Oil Prices Capped By Measured Dollar Recovery

Oil market remains volatile

Crude began the first week of July marginally higher than Friday's close, as a drop in United States oil rig count last week - the first since January - lent support to expectations that the country's tight oil production growth might be starting to stall due to lower prices. West Texas Intermediate, the USA benchmark for the price of oil, was up 3.1 percent to $46.32 per barrel. In the first half of 2017 whose trading ended last Friday, U.S. crude future have posted their biggest loss in 19 years. Firstly, several years of increases in U.S. production, which is now back to peak levels due to shale production, and the resultant global market share gains for the country, have come at the expense of Opec members.

USA crude oil prices settled at $54.45 per barrel on February 23, 2017-the highest level in more than two years.

Earlier this week, reports suggested that while OPEC may be mulling over deeper oil production cuts, they won't be rushing to make that decision, even though a panel monitoring the cuts will be meeting next month. Analysts doubt whether the nine-month extension till March 2018 would shore up prices or reduce oversupply.

Brent crude raised $ 2.29 to $ 56.62 a barrel.

Kevin Birn, senior director at IHS Markit, says that over the next few years Canadian growth "will only be surpassed by the United States and its tight oil machine", referring to the USA industry's unlocking of tightly packed oil deposits in shale and similar rocks.

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In the last few days, the market has grown more bullish after US data on Wednesday showed oil-product inventories declined.

The drop in U.S. rig count and U.S. Energy Information Administration figures showing output fell by 24,000 barrels per day (bbl/d) on a monthly basis "sent out a short-term bullish message", he said. However, the US production declines may also be attributed to short- term challenges like the storm in the Gulf of Mexico and maintenance in the Alaskan region on pipelines. The shale boom and domestic unrest quickly forced Nigeria out of the US oil trade.

Crude oil has touched its highest point since June 19th, marking its consistent rise over six straight sessions.

To offer a backdrop, the Opec in its May meeting chose to extend output cuts until March 2018. When coupled with agree cuts from non-members such as Russian Federation, that figure rises to 1.8 million barrels per day.

OPEC and non-OPEC technical committee on production enforcement was said to have examined the scenario including Nigeria and Libya's exempt in the production cuts.


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