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14 February 2018, 11:42 | Joann Bryant
By 2022, US may cut back crude oil import from Nigeria
Even though the Organization of Petroleum Exporting Countries posted record compliance with self-imposed production limits last month, aggressive drilling by American shale explorers may swamp the market with crude, the IEA concluded in a report released on Tuesday. U.S. West Texas Intermediate crude futures closed 10 cents, or 0.2 percent, lower at $59.19 a barrel. Analysts surveyed by The Wall Street Journal had forecast, on average, a 2.6 million barrel rise.
The market dipped in post-settlement trading after industry group The American Petroleum Institute said US crude inventories rose by 3.9 million barrels in the week ending February 9.
Brent crude futures were at $62.81 per barrel, up 9 cents from their last close.
The day's recovery earlier was supported by the dollar, which slid to a one-week low, which made crude cheaper for buyers using other currencies.
"People are seeing this seasonal weakness in the U.S.as an expectation that perhaps demand growth will be slower", he said, adding that the rally in the second half of 2017 and start of 2018 has been fueled by expectations for robust demand.
Gasoline reserves during the same period increased by 4.6 million barrels, distillates - by 1.1 million barrels.
The API figures underline wider concerns of oversupply.
"The rising profile of the country's oil production remains the predominant bearish factor for oil prices, and the trend is being closely watched by countries participating in the OPEC-led output cut agreement", said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.
The IEA revised its global demand forecast upward by 7.7 percent. By the end of this year, it might also overtake Russian Federation to become the global leader.. It has now wiped out all the 2018 gains.
"Refiners continue to process significantly more crude oil than they have in the past, resulting in higher production of gasoline which is leading to higher product inventories", said Andrew Lipow, president of Lipow Oil Associates in Houston.
It's "this rush of shale crude oil production that's finally being acknowledged by the various agencies and hitting the market in a big way", John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by telephone.
Oil fell for a third day on Wednesday, under pressure from concern about rising USA production and how much it would hurt efforts by OPEC and its partners to control global supplies.
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